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Job openings are still near a record high
(Flickr/David Laundra)
The number of job openings in the US is still at a record.
The number of job openings totaled 5.36 million in May, right around what was expected and little changed from the prior month.
The Job Openings and Labor Turnover Survey, or JOLTS report, was expected to show that in May there were 5.3 million job openings.
This is the most since the series began in 2001.
In April, there were initially 5.376 million job openings reported, though this number was revised down to 5.33 million on Tuesday.
In May, the initial read on nonfarm payrolls showed that the US economy added 280,000 jobs, though this figure was revised lower in last Thursday's June jobs report to show the economy added 254,000 jobs.
The JOLTS report also contains the quits rate, which was little changed near 1.9%. The quits rate is seen as an indicator of labor market "slack" — or whether the balance of power in the market lies with employers or employees. This rate has held steady over the last several months.
The number of hires was also little changed in May at 5 million. May marks the second straight month that job openings were greater than hires.
(FRED)
In a note to clients following the report, Jesse Hurwitz at Barclays wrote that, "Between the stable reading for this ratio in May and the slight uptick in openings, we view the May JOLTS data as consistent with solid labor demand through the middle of the second quarter."
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