A hiring sign is displayed at a restaurant in Arlington Heights, Ill., Friday, June 28, 2024. On Tuesday, July 2, 2024, the Labor Department reports on job openings and labor turnover for May.
Layoffs rose to 1.65 million in May from 1.54 million in April. The number of Americans quitting their jobs — a sign of confidence in their prospects — was basically unchanged. But lately there have been signs the economy is losing some steam. Job openings have come steadily down since peaking at 12.2 million in March 2022. The job market is still strong. There are 1.25 jobs for every unemployed American, but that's down from a 2-to-1 ratio in January 2023.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: