Topline<\/p>\n
Available jobs in the U.S. settled near their highest level in nearly two years in May, surpassing expectations, according to federal data published Tuesday, as recent reports point to positive labor market growth.<\/p>\n
Recent federal data has indicated positive growth in the job market. <\/p>\n
Copyright 2023 The Associated Press. All rights reserved.Key Facts<\/p>\n
Job openings totaled 7.59 million in May, up from April\u2019s revised-down 7.58 million and the highest level since late 2024, the Bureau of Labor Statistics reported<\/a>.<\/p>\n That exceeded consensus analyst estimates for job listings to slow to 6.9 million in the month, according to FactSet.<\/p>\n Total hires fell month-to-month from 5.21 million in April to 5.17 million in May, while total layoffs in May rose to 1.7 million, up from 1.6 million in April.<\/p>\n what to watch for<\/p>\n Payroll processing firm ADP will report private-sector jobs data on Wednesday, followed by broader employment data\u2014including the U.S. unemployment rate\u2014from the Bureau of Labor Statistics on Thursday. Small businesses have boosted private-sector employment in recent months, and in May, private-sector payrolls increased by 122,000, surpassing estimates. Nela Richardson, ADP\u2019s chief economist, said in a statement that hiring was more \u201cbroad-based than we\u2019ve seen in the last few years\u201d and the job market had shown \u201csustained momentum going into the summer hiring season.\u201d Consensus estimates suggest the U.S. likely added fewer nonfarm jobs in June than the hotter-than-anticipated 172,000 in May and the revised-up 179,000 in April and 214,000 in March, while the unemployment rate is projected to settle at 4.3%.<\/p>\n tangent<\/p>\n The Conference Board\u2019s consumer confidence gauge ticked upward<\/a> in June, as lower oil prices offset concerns about the job market. The percentage of consumers saying jobs were \u201chard to get\u201d jumped to 22.5%, the highest level since January 2021, and more Americans anticipate little change in the labor market six months from now, according to the survey. <\/p>\n key background<\/p>\n The job market has impressed in recent months even as the Federal Reserve noted that inflation remains at \u201celevated\u201d levels. President Donald Trump celebrated<\/a> May\u2019s jobs data, writing on his Truth Social that \u201cgrowth does not mean inflation! How else can a country attain GREATNESS???\u201d Despite the larger-than-expected total for added jobs, the labor participation rate, or the percentage of Americans working or looking for work, settled at 61.8% in May. That\u2019s the lowest rate since December 2021.<\/p>\n