Job openings decreased by 500,000
The Labor Department reported on Thursday that May job openings fell by about 500,000 from the previous month, a modest sign that the super-tight labor market may be easing slightly.
carefully monitored Job offer/turnover rate survey The number of listings fell to 9.82 million, down 496,000 from April and below FactSet’s consensus estimate of 9.9 million. Job openings outstripped the available labor pool by 1.6 to 1 in the month, compared with a close to 2 to 1 just months earlier.
The decline would have been even greater without the addition of some 61,000 government jobs. Health and social assistance (-285,000) and finance and insurance (-139,000) job openings decreased.
The report comes out amid conflicting signs of where the labor market is headed.
thursday morning, Payroll service company ADP reported a staggering 497,000 new private sector jobs in June, more than double the Dow Jones forecast of 220,000.
The report The Fed will need to maintain a tough stance Inflation continues and interest rates continue to rise.
Dallas Fed President Rory Logan said in a Thursday morning speech that inflation is not declining fast enough, and that tougher monetary policy will be needed, especially to address imbalances in the labor market. said he was concerned. ISM
“Jobs are still well above 2019 levels. Layoffs are still low. There are no signs of a sharp deterioration in labor market conditions,” Logan said in a speech at Columbia University in New York. .
“The continued outlook for inflation above target and a stronger-than-expected labor market call for more restrained monetary policy,” he said.
The JOLTS report shows rising turnover rates, often signaling a tight labor market where workers feel comfortable leaving their current jobs for better opportunities. showing. The number of people who quit increased by 250,000, and the rate rose by 0.2 points to 2.6%.
Employment increased slightly, but layoffs and layoffs decreased.
A separate report on Thursday morning showed the percentage of companies reporting expansion, with the ISM Services Index unexpectedly rising to 53.9 in June. It rose from 50.3 in May and beat the forecast of 51.3. Values above 50 indicate expansion.
The employment index rose again, rising 3.9 points to 53.1. However, the price index fell by 2.1 points to 54.1. Business activity and production rose 7.7 points to 59.2.
Summarize this content to 100 words The Labor Department reported on Thursday that May job openings fell by about 500,000 from the previous month, a modest sign that the super-tight labor market may be easing slightly.carefully monitored Job offer/turnover rate survey The number of listings fell to 9.82 million, down 496,000 from April and below FactSet’s consensus estimate of 9.9 million. Job openings outstripped the available labor pool by 1.6 to 1 in the month, compared with a close to 2 to 1 just months earlier.The decline would have been even greater without the addition of some 61,000 government jobs. Health and social assistance (-285,000) and finance and insurance (-139,000) job openings decreased.The report comes out amid conflicting signs of where the labor market is headed.thursday morning, Payroll service company ADP reported a staggering 497,000 new private sector jobs in June, more than double the Dow Jones forecast of 220,000.The report The Fed will need to maintain a tough stance Inflation continues and interest rates continue to rise.Dallas Fed President Rory Logan said in a Thursday morning speech that inflation is not declining fast enough, and that tougher monetary policy will be needed, especially to address imbalances in the labor market. said he was concerned. ISM”Jobs are still well above 2019 levels. Layoffs are still low. There are no signs of a sharp deterioration in labor market conditions,” Logan said in a speech at Columbia University in New York. .“The continued outlook for inflation above target and a stronger-than-expected labor market call for more restrained monetary policy,” he said.The JOLTS report shows rising turnover rates, often signaling a tight labor market where workers feel comfortable leaving their current jobs for better opportunities. showing. The number of people who quit increased by 250,000, and the rate rose by 0.2 points to 2.6%.Employment increased slightly, but layoffs and layoffs decreased.A separate report on Thursday morning showed the percentage of companies reporting expansion, with the ISM Services Index unexpectedly rising to 53.9 in June. It rose from 50.3 in May and beat the forecast of 51.3. Values above 50 indicate expansion.The employment index rose again, rising 3.9 points to 53.1. However, the price index fell by 2.1 points to 54.1. Business activity and production rose 7.7 points to 59.2.
https://www.cnbc.com/2023/07/06/job-openings-fall-by-half-a-million.html Job openings decreased by 500,000
