US job openings unexpectedly grew in May, reflecting a still resilient labor market | CNN Business

CNN
 — 

The number of available jobs in the US unexpectedly grew in May, signaling continued resilience in the nation’s labor market.

Job openings jumped higher to 8.14 million in May, from a downwardly revised 7.91 million in April, according to the Bureau of Labor Statistics’ latest Job Openings and Labor Turnover Survey (JOLTS) report released Tuesday.

Economists had expected openings would fall to 7.91 million, according to FactSet consensus estimates.

Despite the uptick in job postings, May’s JOLTS report reflected a significant milestone for the US labor market: The ratio of job openings to those who are unemployed fell to 1.22 available jobs per job seeker, matching the figure seen in February 2020.

Other seasonally adjusted measures of labor turnover showed continued stability in the US jobs market, which has been gradually cooling in recent months.

The estimated number of hires moved up to 5.76 million from 5.62 million in April; layoffs and separations bounced higher to 1.65 million in May, up from 1.54 million; while the number of voluntary quits inched upward to 3.46 million from 3.45 million.

While both hires and job openings rates (as a percentage of total employment) ticked higher for May, the quits rate and layoffs rate were unchanged.

This story is developing and will be updated.