People walk past a “Now Hiring” sign posted outside a restaurant in Arlington, Virginia on June 3, 2022.
Olivier Douliery | AFP | beautiful pictures
The Bureau of Labor Statistics reported on Wednesday the number of jobs fell sharply in May but still outstripped the level of job seekers.
Available positions totaled 11.25 million for the month, down significantly from an upward-adjusted 11.68 million in April. As for the workforce, the hiring rate fell to 6.9 % from 7.2%, according to the Bureau’s Employment and Revenue Change Survey.
Despite the decline, job openings were still better than the 11.04 million estimate from FactSet.
There were 5.95 million people counted as unemployed for the month, which means 1.9 jobs per worker, still at an all-time high.
The number of people giving up also dropped slightly, to 4.27 million as the so-called Great Renunciation eased. The level of workers voluntarily leaving their jobs has skyrocketed in the Covid era, a sign of enhanced mobility during a time of severe labor shortages.
Federal Reserve officials closely monitor the JOLTS report for signs of the labor market. America unemployment rate in May was 3.6%, just above where it was before the pandemic. However, the number of Americans working today is 440,000 fewer than it was in February 2020.
The number of layoffs rose higher for the month to 1.39 million after hitting an April low from data dating back to December 2000.
Employment fell sharply in the manufacturing and professional and business services sectors while increasing in retail trade and leisure and hospitality.
Rent rate fell to 6.49 million, with a flat rate of 4.3%.
Markets will get a more up-to-date look at the labor market on Friday when the BLS releases its monthly nonfarm payrolls report. Economists surveyed by Dow Jones expect 250,000 job growth and the unemployment rate unchanged.
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