WASHINGTON–Job openings fell in May while the number of workers quitting their jobs increased, according to new data released by the Labor Department.
The Labor Department reported there were 9.8 million job openings in May, down from 10.3 million in April, according to the Job Openings and Labor Turnover Survey, which is also known as JOLTS.
“This is a labor market that is moderating, where things are cooling down, but is still hot,” Nick Bunker, the director of North American economic research at the job search website Indeed, told the New York Times.
Meanwhile, the “quits rate,” which the Times noted is often used to gauge a worker’s confidence in the job market, increased in May, particularly in the health care, social assistance and construction industries.
“A rise in quitting often signals workers’ confidence that they will be able to find other work, often better paying,” the Times stated. “But fewer workers are quitting their jobs than were doing so last year at the height of what was called the ‘great resignation’.”
Layoffs, meanwhile, were relatively steady after decreasing in previous months, a sign that employers are hesitant to let go of workers.
Not Expected to Affect Fed
As CUToday.info has reported, the Fed is expected to raise rates at least once more this year and the new jobs numbers do not appear they will change that forecast.
The June employment report will be released by the Labor Department today.
The Fed next meets July 25-26.
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