The number of available jobs in the U.S. grew unexpectedly in May, signaling ongoing resilience in the labor market. Job openings increased to 8.14 million, up from a downwardly revised 7.91 million in April, according to the Bureau of Labor Statistics’ latest Job Openings and Labor Turnover Survey (JOLTS). Economists had predicted a decline to 7.91 million, making this increase a surprising development.
May’s JOLTS report marked a significant milestone: the ratio of job openings to unemployed individuals fell to 1.22, matching the figure from February 2020. Robert Frick, a corporate economist with Navy Federal Credit Union, stated that the report indicates a strong labor market, suggesting no signs of job growth slowing this year. This stability supports consumer spending power and overall economic expansion.
Other labor turnover measures also showed continued strength. The number of hires rose to 5.76 million, while layoffs and separations increased to 1.65 million, and voluntary quits slightly edged up to 3.46 million. Despite the increases in hires and job openings, the quits rate and layoffs rate remained unchanged, with the quits rate holding steady at 2.2% for seven months, reflecting workers’ confidence in exploring new job opportunities.
