Surprise Surge: May Job Openings Reach 8.14M, Beating Forecast

Author: Michael Juliano | July 02, 2024 12:01pm

The number of job openings for May came in higher than expected, according to data from the U.S. Bureau of Labor Statistics.

There were 8.14 million job openings in May, according to the Job Openings and Labor Turnover Survey (JOLTS) released on Tuesday. That beat market expectations of 7.9 million for May and the 7.9 million job openings in April, revised down from 8.05 million.

“Over the month, both the number of hires and total separations were little changed at 5.8 million and 5.4 million, respectively,” the BLS wrote in its report. “Within separations, quits (3.5 million) and layoffs and discharges (1.7 million) changed little.”

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Despite the uptick in job postings, May's JOLTS report reflected a significant milestone for the U.S. labor market, CNN reported. The ratio of job openings to those who are unemployed fell to 1.22 available jobs per job seeker, matching the figure seen in February 2020.

"The report was another sign that the labor market is holding firm," Robert Frick, corporate economist with Navy Federal Credit Union, said in a statement issued Tuesday. "So far there are no indications that job growth will flag this year, so consumer spending power will continue to increase and the expansion looks solid."

Price Action: Index-related exchange-traded funds rose modestly in Tuesday’s late-morning trading following the release of the JOLTS data.

SPDR S&P 500 ETF Trust ARCA: SPY) picked up 0.04% while Invesco NASDAQ 100 ETF (NASDAQ:QQQM) gained 0.25%. Vanguard S&P 500 ETF (NYSE:VOO) edged up 0.06%.

The Dow Jones Industrial Average also slipped 0.03% to 35,149.57 points late Tuesday morning.

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