Job openings fell sharply in May, to 5.500 million from April’s revised 5.845 million for the lowest rate since February. The results pull down the job openings rate by 2 tenths to plus 3.7 percent, where it also was in May last year. The hiring rate is unchanged at 3.5 percent.
On the breakup side of the labor market, the quits rate is unchanged at 2.0 percent and is not pointing to much confidence among workers who in general, despite low wage growth, are not moving up to higher paying employers. The separations rate is down 1 tenth to 3.4 percent with the layoff rate unchanged at 1.2 percent.
Employment data have been up and down of late and this report is itself mixed, showing lack of new punch on the hiring side but favorable conditions on the breakup side.