US job openings rise to 8.1 million despite higher interest rates
U.S. job openings rose slightly to 8.1 million in May despite the impact of higher interest rates
By Paul Wiseman
Published - Jul 02, 2024, 10:14 AM ET
Last Updated - Jul 02, 2024, 10:14 AM EDT
WASHINGTON (AP) — U.S. job openings rose slightly to 8.1 million in May despite the impact of higher interest rates intended to cool the labor market.
Vacancies rose from a revised 7.9 million in April, the first reading below 8 million since February 2021, the Labor Department reported Tuesday.
Layoffs rose slightly, and the number of Americans quitting their jobs — a sign of confidence in their prospects — was basically unchanged.
The U.S. economy and job market have been remarkably resilient in the face of the Federal Reserve's campaign to raise interest rates to rein in inflation. The Fed hiked its benchmark rate 11 times in 2022 and 2023, lifting it to a 23-year high.
