Job openings still near historic high in May while hires and separations were little changed
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.
The hires and layoffs rates held steady in May as the quits rate ticked down slightly. Hires remain elevated by historical standards as workers get (re)absorbed into the labor market. High quits signals a stronger labor market where workers can quit, search, and obtain new jobs. pic.twitter.com/0MYPh51VD6
— Elise Gould (@eliselgould) July 6, 2022
Hiring continues to outpace quits in every major sector as workers seek and find new jobs. Churn remains highest in low-wage accommodation and food services. Faster wage growth in that sector suggests workers are finding better jobs when they quit. pic.twitter.com/7rtpDlefR5
— Elise Gould (@eliselgould) July 6, 2022
The mild softening of hires and quits levels in May is consistent with moderating wage growth in recent months. pic.twitter.com/uahIQFx2uG
— Elise Gould (@eliselgould) July 6, 2022
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