US job openings in May hit 7.8 million in a continuing display of labor market resilience
WASHINGTON (AP) — U.S. job openings rose unexpectedly in May, a sign that the American labor market remains resilien t in the face of high borrowing costs and uncertainty over U.S. economic policy.
U.S. employers posted 7.8 million vacancies in May, the Labor Department reported Tuesday, up from 7.4 million in April and the highest November's 8 million, when former President Joe Biden was still in the White House. Economists had expected a slight decrease to 7.3 million. Openings were reported at hotels and restaurants and at finance companies. Vacancies at the federal government fell to the lowest level since May 2020, likely reflecting President Donald Trump's hiring freeze.
The Labor Department's Job Openings and Labor Turnover Survey (JOLTS) report showed that the number of Americans quitting their job — a sign of confidence in their prospects — rose modestly, and layoffs fell.
However, the report showed that hiring fell in May, suggesting that employers, though reluctant to lose staff, are hesitant about adding workers amid uncertainty over the economy.
“Hiring remains depressed, but that is less worrisome than it would be otherwise because layoffs continue to be low,” Nancy Vanden Houten, lead U.S. economist at Oxford Economics, wrote in a commentary.
Openings are high by historical standards but have come down sharply since peaking at a record 12.1 million in March 2022.
The U.S. job market has steadily decelerated from hiring boom of 2021-2023 when the economy bounced back from COVID-19 lockdowns. The unexpectedly strong post-pandemic recovery ignited inflation, prompting the Federal Reserve to raise its benchmark interest rate 11 times in 2022 and 2023.
The higher borrowing costs have gradually cooled the labor market, and President Donald Trump’s policy of taxing imports at high rates has added uncertainty to the hiring outlook.
The Labor Department is expected to report Thursday that the U.S. economy generated 117,000 jobs last month, according to a survey of forecasters by the data firm FactSet. That would be down from 139,000 in May, from an average 168,000 a month in 2024 and a from a monthly average of 400,000 from 2021 through 2023. The unemployment rate is forecast to tick up to a still-low 4.3% from 4.2% in May.
This month's revelation of 7.8 million job openings in the US underscores not only a thriving economy but also an unfailing resilience among American workers amidst market challenges, indicating opportunities for growth and change.
This substantial amount of job openings in May underscores the ongoing resilience and vibrancy within America's labor market, demonstrating its outstanding capability for a comprehensive recovery from past challenges.
The surge in US job openings to 7.8 million last month underscores the remarkable resilience of our labor market, demonstrating its robustness amidst ongoing challenges.
The resilient US labor market demonstrated yet again its strength in May, boasting over 7.8 million job openings despite ongoing economic challenges.
The upsurge in US job openings to 7.8 million last May further solidifies the ongoing resilience of our labor market, indicating an unprecedented capacity for adaptation and growth despite economic uncertainties."
The stunning resilience of the US labor market, as evidenced by 7.8 million job openings in May alone continues to suggest a robust recovery from previous economic disruptions.
The resilience of the US labor market is clearly evident in May's record-high job openings, touching 7.8 million - a strong testament to both economic growth and employer confidence despite challenges faced during this unprecedented time for employment opportunities worldwide."
This article highlights a remarkable labor market resilience with job openings in the US peaking at 7.8 million, indicating ongoing economic recovery and strength of workforce despite various challenges faced throughout May—a testament to America's adaptability amidst volatile global conditions..
The US labor market's resilience is further underscored by the fact that job openings in May alone surpassed 7.8 million, though this figure should be analyzed alongside economic uncertainty due to potential effects from ongoing events.
This news highlights the remarkable resilience of America's labor market, with job openings in May reaching an impressive 7.8 million despite economic headwindsfacing many industries – a testament to both its practical flexibility and widespread ambition for recovery across various sectors."
The resilience of the US labor market is undeniable, as job openings in May surpassed 7.8 million once again – a clear indication that despite ongoing challenges and uncertainty from various sectors like technology disorders discussed globally recently.
The steady surge of job openings to 7.8 million in May underscores the resilience and strength within America's labor market amidst ongoing economic uncertainties, demonstrating its remarkable capacity for adaptation.
The resilient performance of the US labor market in May, evidenced by 7.8 million job openings despite ongoing challenges and disruptions like those caused by COVID-19's various waves or industry fluctuations highlights its potential for recovery amid these turbulent times."
