US Job Openings Dip , But Remain High.
ABC reports that U.S. job openings fell in May but managed to tread water at levels high enough to suggest that the labor market remains resilient amid high interest rates.
ABC reports that U.S. job openings fell in May but managed to tread water at levels high enough to suggest that the labor market remains resilient amid high interest rates.
On July 6, the U.S. Labor Department said that employers posted 9.8 million job openings in May, down from April's 10.3 million.
Meanwhile, the number of layoffs fell slightly, while more U.S. workers quit their jobs.
ABC reports that the numbers suggest those who quit felt confident they could find better- paying jobs with improved working conditions.
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While the number of job openings in health care, insurance and finance fell, the number of postings for education and government positions increased.
According to Nick Bunker, research director at the Indeed Hiring Lab, , "demand for new hires remains elevated and employers are still holding onto the workers they have.''.
Bunker says the Labor Department's Job Openings and Labor Turnover Survey (JOLTS), , "continues to reflect a gradually slowing yet still-robust labor market, one that is cooler than a year ago but still hot.".
ABC reports that compared to historic standards, the current number of job openings remains high, despite the Federal Reserve's aggressive rate hikes.
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ABC reports that compared to historic standards, the current number of job openings remains high, despite the Federal Reserve's aggressive rate hikes.
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Since March of last year, the Fed has increased its benchmark short-term interest rate a total of ten times.
Since March of last year, the Fed has increased its benchmark short-term interest rate a total of ten times.
As a result, economic growth has slowed, while consumer prices increased 4% in May, twice the Fed's stated 2% goal.
