U.S. job openings unexpectedly fall in May

The Job Openings and Labor Turnover Survey (JOLTS) published by the Labor Department on Tuesday showed a slight decrease (-0.7 percent m-o-m) in the U.S. job openings in May.

According to the report, employers posted 7.323 million job openings in May, compared to the April’s figure of 7.372 million (revised from 7.449 million in the original estimate) and economists’ expectations of 7.470 million. The job openings rate was 4.6 percent in May, down from 4.7 percent in the prior month. The report showed that the number of job openings was little changed for total private and dropped for government (-54,000 jobs). The job openings level rose in other services (+77,000). Job openings declined in a number of industries with the largest decreases in construction (-65,000), transportation, warehousing, and utilities (-60,000), and real estate and rental and leasing (-49,000).

Meanwhile, the number of hires fell to 5.725 million in May from 5.991 in April. The hiring rate was 3.8 percent, down from 4.0 percent in April. The hires level reduced for total private (-262,000) and was little changed for government. Hires declined in professional and business services (-129,000).

The separation rate in May was at 5.495 million or 3.6 percent, compared to 5.687 million or 3.8 percent in April. Within separations, the quits rate was 2.3 percent (flat m-o-m), and the layoffs rate was 1.2 percent (flat m-o-m).