Job openings fell in May but still outnumber available workers by almost 2 to 1

People walk past a “Now Hiring” sign posted outside of a restaurant in Arlington, Virginia on June 3, 2022.

The Bureau of Labor Statistics reported that there were far more job openings in May than there were people looking for work.

The number of available positions in April was revised upward to 11.88 million. The rate of vacancies decreased as a share of the labor force.

The number of job openings was better than expected.

There were 1.9 openings per every available worker, still close to historical highs, despite the fact that there were 5 million people who were unemployed in the month.

As the Great Resignation abated, the number of quits fell to 4.27 million. During a time of extreme labor shortages, the level of workers voluntarily leaving their jobs has increased.

The labor market slack is closely watched by the Federal Reserve. The US's unemployment rate was 3.6% in May, just above where it was before the Pandemic. There are fewer Americans working now than there were in February 2020.

Layoffs increased during the month to 1.39 million after hitting a low in April.

Job openings decreased in manufacturing, professional and business services.

The hire rate was unchanged at 4.3%.

The BLS will release the monthly nonfarm payrolls report on Friday. The unemployment rate is expected to be the same as it was in the survey by the economists.

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