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lite.cnn.com - on gopher - inofficial
ARTICLE VIEW:
•
3 min read
Job openings unexpectedly increased in May
By Alicia Wallace, CNN
Updated:
11:49 AM EDT, Tue July 1, 2025
Source: CNN
The “wait-and-see” is turning into a
“just-can’t-wait-anymore.”
US employers moved forward on plans to increase their workforces in
May, with the number of available jobs rising to a six-month high,
according to Bureau of Labor Statistics data released Tuesday.
Job openings, which serve as a closely watched measure of labor market
demand, totaled an estimated 7.77 million at the end of May, ,
according to the BLS’ latest Job Openings and Labor Turnover Survey.
Economists were expecting the number of available jobs to retreat after
unexpectedly bouncing higher in April, reflecting an environment where
uncertainty has frozen some businesses in their tracks. Consensus
estimates were for job openings to total 7.3 million last month,
according to FactSet.
Instead, they rose for the second month in a row.
“Business leaders are put in a position now where they have to make
decisions in the short term,” Allison Shrivastava, an economist at
the Indeed Hiring Lab, told CNN in an interview.
Still, Shrivastava cautioned that monthly economic data can be quite
volatile (especially from survey-drawn reports like JOLTS that have
seen weaker response rates). Job postings tracked by Indeed have
remained fairly flat, she noted.
“I wouldn’t take this as a sign of blue skies ahead, by any
means,” she added.
‘Now hiring’ signs go up at restaurants, hotels
Some of the most substantial increases in job postings were at
restaurants and hotels, which saw a surge (+314,000) in advance of the
summer travel season after openings in that sector hit a low-water mark
in April. The finance and insurance industry also saw a sizeable
upswing in job openings, Tuesday’s data showed.
While in May — hiring rates were flat or down across most industries
— the accommodation and food services sector filled open jobs at a
pace last seen in the summer of 2023, a potential indication that
there’s optimism that consumers will still continue to spend,
especially in discretionary areas, despite broadening economic
uncertainty.
President Donald Trump’s sweeping policy moves — including
heightened tariffs, moves to reduce immigration, and reduction in
federal spending and workers — as well as increased geopolitical
tension, have injected incredible uncertainty into the US economy,
sending markets on a roller coaster ride, rattling consumers and
freezing some business decisions.
It may take some time for these moves, especially on immigration, to be
reflected in labor market data, Shrivastava said.
Tuesday’s data is the first in a series of critically important
economic metrics released this week about the labor market, culminating
with the June jobs report that’s due out on Thursday morning.
Economists are expecting job gains to slow from May, with an estimated
115,000 positions added in June, according to FactSet. They also are
forecasting that the unemployment rate will rise to 4.3% from 4.2%.
The monthly JOLTS report showed how US labor market turnover activity
is faring at a time when concern is growing that job growth may be
slowing too much.
“As tariff worries fade, businesses are adopting a more optimistic
view and are looking to bring on more workers,” Heather Long, chief
economist at Navy Federal Credit Union, wrote on Tuesday. “Hiring has
been stuck at unusually low levels for over a year. But there’s hope
the ‘white-collar job recession’ could finally end as finance and
insurance firms are posting more roles.”
Tuesday’s data showed that the labor market remains a bit gridlocked
as the churn seen in stronger economic times has slowed. The hiring
rate (as a percentage of total employment) continues to hover near
10-year lows.
The closely watched “quits rate,” which serves as both a gauge of
employee confidence as well as an indicator of future wage growth, was
2.1% in May, remaining well below the average rate of the past five
years.
However, despite the stalling in hiring and quitting, layoff activity
hasn’t significantly accelerated.
Layoffs fell in May to 1.6 million, staying below pre-pandemic levels.
The rate of layoffs remains near record lows, according to BLS JOLTS
data that dates back to December 2000.
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