U.S. JOLTS report showed job openings dropped 202k to 6,638k in May
U.S. JOLTS report showed job openings dropped 202k to 6,638k in May. But that was after climbing 207k to a record high of 6,840k in April (revised from 6,698k). It's a 5th consecutive reading over 6 M, and the 11th out of the last 14 months. That brought the JOLTS rate down to 4.3% from 4.4% (revised from 4.3%). Meanwhile, hirings increased 173k to 5,754k versus the prior 95k bounce to 5,581k (revised from 5,578k). The rate improved to 3.9% from 3.8%. Concurrently, quitters increased 212k to 3,561k after May's 38k decline to 3,349k (revised from 3,351k). The quit rate rose to 2.4% from 2.3%. Ex-Fed Chair Yellen liked to look at the quit data, with increases suggesting to her increased confidence in the economy and labor market. The JOLTS data, along with last week's employment report reflect the stronger economy with more job openings and more potential workers coming off the ranks of sidelines.