Key Takeaways
- Job openings remained largely unchanged at 8.1 million in May.
- The labor market is rebalancing after the disruptions caused by the COVID-19 pandemic.
The labor market showed minimal changes in May, with the Labor Department reporting on Tuesday that the number of job openings remained steady at 8.1 million.
This figure was slightly above expectations but aligns with a labor market that is balanced—neither overly active nor sluggish. It reflects other labor market indicators suggesting that while employers are scaling back on hiring plans, they are not implementing widespread layoffs as the economy transitions to a slower growth rate.
According to the report, “The job openings rate remained stable at 4.9 percent in May.” It noted a decline in job openings in accommodation and food services (-147,000) and private educational services (-34,000). Conversely, there were increases in job openings in state and local government, excluding education (+117,000), durable goods manufacturing (+97,000), and the federal government (+37,000).