U.S. job openings jump 6.2 percent in June; hires climb 11.6 percent

The Job Openings and Labor Turnover Survey (JOLTS) published by the Labor Department on Monday revealed a 6.2 percent m-o-m surge in the U.S. job openings in June after a revised 3.2 percent m-o-m advance in May (originally a 0.2 percent m-o-m gain).

According to the report, employers posted 10.073 million job openings in June compared to the May figure of 9.483 million (revised from 9.209 million in the original estimate) and economists’ expectations of 9.281 million. This was the highest reading since the series began in December 2000. The job openings rate was 6.5 percent in June, up from a revised 6.1 percent in the previous month (originally 6.0 percent). The report showed that the job openings rose in several industries, with the largest gains in professional and business services (+227,000), retail trade (+133,000), and accommodation and food services (+121,000).

Meanwhile, the number of hires climbed 11.6 percent m-o-m to 6.719 million in June from a revised 6.022 million in May (originally 5.927 million). The hiring rate was 4.6 percent in June, up from a revised 4.2 percent in the prior month (originally 4.1 percent). Hires went up in retail trade (+291,000), state and local government education (+94,000), and durable goods manufacturing (+36,000).

The separation rate in June was 5.584 million or 3.8 percent, compared to 5.330 million or 3.7 percent in May. Within separations, the quits rate was 2.7 percent (+0.2 p.p. m-o-m), and the layoffs rate was 0.9 percent (flat m-o-m).