Job openings edge slightly higher as Fed considers potential rate reductions
2024.07.02 10:48
Investing.com — The number of in the U.S. grew by more than anticipated in May, in a potential sign of lingering robustness in the American labor market as the Federal Reserve mulls bringing interest rates down from more than two-decade highs.
Job vacancies, a gauge of labor demand, rose to 8.140 million on the last business day of May, up slightly from a downwardly-revised total of 7.919 million in April, according to data from the Labor Department’s Bureau of Labor Statistics on Tuesday. Economists had predicted that the Job Openings and Labor Turnover Survey, or JOLTS report, would come in at 7.960 million.
Layoffs and voluntary quits, meanwhile, were little changed at 1.7 million and 3.5 million, respectively. The hires rate also ticked up marginally to 3.6% in May.
The figures point to ongoing strength in the jobs market, although nonfarm payrolls data on Friday will likely provide a fuller picture of labor demand.
