Below, EPI senior economist Elise Gould offers her initial insights on today’s release of the Job Openings and Labor Turnover Survey (JOLTS) for May. Read the full Twitter thread here.

Job openings have generally been decreasing over the last year, slowly but steadily moving closer to their pre-pandemic levels, though clearly not there yet. Much of the elevated rates we’ve seen may have been because of the increased labor market churn and not net new demand. pic.twitter.com/I5pk2Iosue

— Elise Gould (@eliselgould) July 6, 2023

Even with the rise in quits in May, the hires rate remains above the quits rate in every sector. The great reshuffling isn’t what it was two years ago, but it continues as workers look and find better job opportunities. pic.twitter.com/B6AFaDKTdy

— Elise Gould (@eliselgould) July 6, 2023