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US job openings were much higher than expected in May, shrugging off uncertainty from Iran war
CNN • • general
Key Points:
- The number of job openings in the US increased for the second consecutive month, reaching nearly 7.6 million in May, marking a two-year high according to the Bureau of Labor Statistics.
- Economists had predicted a nearly 10% decline in job openings for May, but the data contradicted these expectations, suggesting stronger labor demand than anticipated.
- Despite the rise in job openings, the number of new hires fell for the third straight month, indicating that businesses are cautious about expanding their workforces.
- Other labor market indicators showed declining job postings earlier in the year, likely due to geopolitical uncertainties and energy price shocks, but the latest data suggests the labor market is stabilizing and may be poised for growth.
- The US job market continues to exhibit a low-hire, low-fire pattern, reflecting cautious employer behavior amid ongoing economic uncertainties.
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