Today, the Bureau of Labor Statistics released the first in a series of key economic indicators about the labor market, which will be issued throughout the week.
Today, the Bureau’s Job Openings and Labor Turnover Survey indicated that the U.S. labor market continues to grow, with the number of available jobs unexpectedly increasing in May, reaching an estimated 7.77 million openings by the end of the month, up from 7.4 million in April.
Initially, economists expected the number of available jobs to decline after unexpectedly bouncing higher in April; however, today’s figures show the employment market reaching a six-month high.
According to the data, the biggest jump in job postings was in the restaurant and hotel industries, which saw a sharp rise of 314,000 in anticipation of the summer travel season. The finance and insurance sector also experienced a significant increase in job openings.
The data showed a slight increase in the number of Americans quitting their jobs, a sign they’re confident about their future prospects, while layoffs decreased.
Today’s figures will culminate with the June jobs report due Thursday morning.
By CEO NA Editorial Staff
