May Job Openings Top Expectations: What to Know
Job openings in May were higher than economists expected, while April's number was revised lower. Here's what you need to know.
The Job Openings and Labor Turnover Survey (JOLTS) released this morning by the Bureau of Labor Statistics (BLS) topped expectations and kicked off a busy week of jobs data.
The mid-morning report showed the number of job openings ticked slightly higher in May, to 8.1 million from 7.9 million in April. The April number was revised lower by 140,000 from its initial release last month. The data also revealed that the job openings rate ticked higher to 4.9% in May from 4.8% in April.
The JOLTS number for May beat economists' expectations. According to Comerica, job openings were estimated to decline to 7.9 million.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
"Job openings were slightly higher than expected in May, though the upbeat message was partially offset by downward revisions to April's openings," said Bill Adams, chief economist at Comerica.
Adams notes that the JOLTS data gives context to Wall Street, allowing it to "understand why the job market is doing what it's doing. That context shows that the gradual slowdown in U.S. job growth over the last few years is due to a much bigger slowdown in labor market churn, meaning fewer people quitting jobs and being hired by other employers."
The economist adds that slowing wage growth – a measure of inflation – can be attributed to the slowdown in the job market, since "getting a new job is a big driver of wage growth."
Job openings data hits ahead of June jobs report
The next big economic report is the Employment Situation Summary – also known as the jobs report or nonfarm payrolls report – which will be released by the Bureau of Labor Statistics at 8:30 am Eastern this Friday.
"The jobs report gives us a comprehensive look at the labor market, which is ultimately what fuels consumer spending," writes Dan Burrows, senior investing writer at Kiplinger, in his feature "When Is the Next Jobs Report?". "Recall that consumer spending accounts for about two-thirds of all U.S. economic activity, and you can see why the jobs report has always been front and center."
More recently, jobs data and wage pressures have made the Federal Reserve anxious about cutting interest rates. "Cut too soon, with a healthy economy and labor market as the backdrop, and inflation could accelerate again, the thinking goes.," Burrows adds.
According to CME Group's FedWatch Tool, futures traders are currently pricing in a 63% chance the Fed will issue its first quarter-point rate cut in September, up from 47% one month ago.
Related Content
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration.
-
AI Stocks Lead Nasdaq's 398-Point Nosedive: Stock Market TodayThe major stock market indexes do not yet reflect the bullish tendencies of sector rotation and broadening participation.
-
Top Tech Gifts to Grab at Walmart Before ChristmasBig savings on Apple, Bose, HP, Vizio and more while there's still time to shop.
-
AI Appliances Aren’t Exciting Buyers…YetThe Kiplinger Letter Artificial intelligence is being embedded into all sorts of appliances. Now sellers need to get customers to care about AI-powered laundry.
-
AI Stocks Lead Nasdaq's 398-Point Nosedive: Stock Market TodayThe major stock market indexes do not yet reflect the bullish tendencies of sector rotation and broadening participation.
-
Got $100 to Gamble? These Penny Stocks Could Be Worth the RideVolatile penny stocks are high-risk plays with potentially high rewards. If you have $100 you can afford to lose, these three names are worth a look.
-
Quick Question: Are You Planning for a 20-Year Retirement or a 30-Year Retirement?You probably should be planning for a much longer retirement than you are. To avoid running out of retirement savings, you really need to make a plan.
-
Don't Get Caught by the Medicare Tax Torpedo: A Retirement Expert's Tips to Steer ClearBetter beware, because if you go even $1 over an important income threshold, your Medicare premiums could rise exponentially due to IRMAA surcharges.
-
I'm an Insurance Pro: Going Without Life Insurance Is Like Driving Without a Seat Belt Because You Don't Plan to CrashLife insurance is that boring-but-crucial thing you really need to get now so that your family doesn't have to launch a GoFundMe when you're gone.
-
Dow Adds 646 Points, Hits New Highs: Stock Market TodayIt was "boom" for the Dow but "bust" for the Nasdaq following a December Fed meeting that was less hawkish than expected.
-
I'm a Tax Attorney: These Are the Year-End Tax Moves You Can't Afford to MissDon't miss out on this prime time to maximize contributions to your retirement accounts, do Roth conversions and capture investment gains.
-
I'm an Investment Adviser: This Is the Tax Diversification Strategy You Need for Your Retirement IncomeSpreading savings across three "tax buckets" — pretax, Roth and taxable — can help give retirees the flexibility to control when and how much taxes they pay.