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U.S. job openings dip to 9.8 million but remain high, showing resilience in labor market

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U.S. job openings slipped in May but remained at levels high enough to illustrate that the American labor market remains resilient in the face of sharply higher interest rates.

Employers posted 9.8 million job vacancies, down from 10.3 million in April, the Labor Department said Thursday. But layoffs fell slightly, and more Americans quit their jobs — a sign they were confident they could find better pay or working conditions elsewhere.

The higher borrowing costs have had an impact: Economic growth has slowed, and monthly job openings are down from their March 2022 peak of 12 million, highest on record. Inflation is down, too: Consumer prices were up 4% in May from a year earlier, down from a year-over-year peak of 9.1% in June 2022 but still double the Fed’s 2% target.

 

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