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JOLTS job openings for May: 8.140M vs 7.910M expected

Prior month revised to 7.919M from 8.059M previously reportedJOLTs job openings moves higher to 8.140M which is higher than the 7.910M estimate.Vacancy rate 4.9% versus 4.8% last month.Quits rate 2.2% versus 2.2% last month

Details of the job openings:

Job openings on the last business day of May: 8.1 million (little changed)Year-over-year decrease in job openings: 1.2 millionJob openings rate in May: 4.9% (little changed)Decreases in job openings:Accommodation and food services: -147,000Private educational services: -34,000Increases in job openings:State and local government, excluding education: +117,000Durable goods manufacturing: +97,000Federal government: +37,000

Hires details:

Number of hires in May: 5.8 million (little changed)Year-over-year decrease in hires: 415,000Hires rate in May: 3.6% (little changed)

Separations details:

Total separations in May:

Number: 5.4 million (little changed)Year-over-year decrease: 424,000Rate: 3.4% (unchanged)

Quits in May:

Number: 3.5 million (little changed)Year-over-year decrease: 550,000Rate: 2.2% (seventh consecutive month)

Layoffs and discharges in May:

Number: 1.7 million (little changed)Rate: 1.0% (unchanged)

Other separations in May:

Number: 309,000 (little changed)

The job openings increase is showing some advancement, but looking at the chart above, the trend more recently is to the downside. The data is also from May which is a bit of a lag.

All the “job openings” were for government jobs!

The monthly increase in government job openings was the second highest on record.

Nonetheless it was better than expectations.

This article was written by Greg Michalowski at www.forexlive.com.

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