The latest Job Openings and Labor Turnover Survey (JOLTS) showed that job openings rose slightly to 8.14 million in May, though April’s openings were revised lower from 8.059 million to 7.919 million. The quit rate held steady at 2.2% while the hiring rate rose from 3.5% to 3.6%.
What’s the bottom line? Job openings in April and May were at the lowest levels since February 2021 and are now well below the high of 12 million hit in 2022. Plus, the quit rate has also fallen over the last year, suggesting there is less poaching from other companies and fewer people feel confident about finding new employment. Overall, this data is another sign that weakness is building in the labor sector.