Job Openings Decline to 9.8 Million in May, Healthcare and Social Assistance Hit Hard
Decrease in job openings coupled with rising quits raises concerns about the labor market recovery
According to a report released by the U.S. Bureau of Labor Statistics on Thursday, the number of job openings in the United States experienced a significant decrease, dropping to 9.8 million on the last business day of May. This decline of 496,000 job openings raises concerns about the state of the labor market recovery. The report also highlights a notable increase in quits, particularly in the healthcare and social assistance sectors, further complicating the employment landscape.
Job Openings
On the last business day of May, the number of job openings saw a sharp decline of 496,000, following an increase in April. This decrease resulted in the job openings rate falling by 0.3 percentage points to 5.9 percent, offsetting the prior month's increase of the same magnitude. Notably, the health care and social assistance sector experienced the largest decrease in job openings, with a reduction of 285,000. The finance and insurance sector and other services also saw notable declines of 139,000 and 78,000 job openings, respectively. However, there were increases in job openings within the educational services (+45,000), state and local government education (+37,000), and federal government (+24,000) sectors.
