US job openings rise in May; layoffs increase | WIBQ The Talk Station

Job Openings Rise, Layoffs Increase in MayJob Openings Rise, Layoffs Increase in May The U.S. Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey (JOLTS) report reveals an increase in job openings in May, following declines in the previous two months. However, layoffs also experienced a notable rise. Job Openings * Job openings increased by 221,000 to 8.140 million on the last day of May. * Data for April was revised down to show 7.919 million unfilled positions. * Economists had forecast 7.910 million vacancies in May. * In March 2022, unfilled positions hit a record high of 12.182 million. Layoffs * Layoffs increased by 112,000 to 1.654 million in May. Economic Implications The increase in job openings indicates a continued strong demand for labor, but the rise in layoffs suggests a gradual rebalancing of the labor market. Declining inflation and the Federal Reserve’s upcoming easing cycle may further contribute to this shift. The US central bank has kept interest rates steady at 5.25%-5.50% since July 2022, having raised rates by 525 basis points since 2022 to combat inflation. Financial markets had anticipated the first rate cut in September, but policymakers indicate otherwise.

WASHINGTON (Reuters) – U.S. job openings rose in May after outsized declines in the previous two months, but layoffs increased as economic activity slowed.

The number of job openings, a measure of labor demand, rose by 221,000 to 8.140 million on the last day of May, the U.S. Department of Labor’s Bureau of Labor Statistics reported Tuesday in its Job Openings and Labor Turnover Survey (JOLTS) report.

Data for April was revised down to show 7.919 million unfilled positions, down from the previously reported 8.059 million. Economists polled by Reuters had forecast 7.910 million vacancies in May. Unfilled positions hit a record high of 12.182 million in March 2022.

Layoffs rose 112,000 to 1.654 million in May. A gradual rebalancing of the labor market and declining inflation are pushing the Federal Reserve closer to the start of its easing cycle, with financial markets still eyeing the first rate cut in September despite policymakers recently suggesting otherwise.

The US central bank has kept its benchmark overnight rate at the current range of 5.25%-5.50% since July last year. The Fed has raised its policy rate by 525 basis points since 2022 to stop inflation.

(Reporting by Lucia Mutikani; Editing by Andrea Ricci)