Job Market Plunges: Half a Million Job Openings Vanish
The latest data from the Job Openings and Labor Turnover Survey revealed a decline in job listings for the month of May. The total number of job openings fell to 9.82 million, marking a decrease of 496,000 compared to the previous month of April. This figure also fell below the estimated 9.9 million job openings.
Additionally, the survey indicated an increase in the number of quits, which are often seen as an indicator of a tight labor market. When workers feel confident about the availability of better job opportunities, they are more likely to leave their current positions. In May, the number of quits rose by 250,000, further highlighting the prevailing confidence among workers.
Furthermore, in June, the ISM services index unexpectedly experienced a rise, reaching a level of 53.9. This index is a measure of the overall economic activity in the services sector, with a score above 50 indicating expansion. The unexpected increase in June suggests that the services sector showed resilience and continued growth during this period, contrary to previous expectations.
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1 年Joseph Bonner not understanding something in your report but maybe you can help? If the ‘quits’ have gone up because people think it's easy to get work; thinking being: “What the hell, there are stacks of other jobs”, which makes perfect sense incidentally. However, why is that an indicator of a ‘tight’ employment market? That seems totally counter intuitive to me- doesn't make it wrong though on that basis alone so am I missing something? Wouldn’t quits be an indicator of a buoyant labour market and not one where opportunities are shrinking by that metric? PS. At least my confusion allows you to know some people actually read these posts. Just wait until Chat GPT starts getting used and abused on here God forbid.
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