WASHINGTON - U.S. job openings rose in May after posting outsized declines in the prior two months, but the trend remained consistent with an easing in labor market conditions that could pave the way for the Federal Reserve to cut interest rates this year.
Job openings, a measure of labor demand, rose 221,000 to 8.140 million on the last day of May, the Labor Department's Bureau of Labor Statistics said. Data for April was revised lower to show 7.919 million unfilled positions instead of the previously reported 8.059 million. Economists polled by Reuters had forecast 7.910 million job openings in May.
A gradually rebalancing labor market and subsiding inflation are drawing the U.S. central bank closer to beginning its easing cycle, with financial markets still eyeing the first interest rate cut in September. The Fed has maintained its benchmark overnight interest rate in the current 5.25%-5.50% range since last July. The central bank has hiked its policy rate by 525 basis points since 2022 to stamp out inflation.
The decline in vacancies was in the South, which has experienced strong job gains. Job openings increased in the Midwest, Northeast and West. Layoffs were mostly in businesses with one to nine workers and establishments with 250 to 999 employees. They were concentrated in the South.The number of people quitting their jobs was little changed at 3.459 million, though there were more resignations in the trade, transportation and utilities industry as well as financial activities and professional and business services. Fewer workers quit in the leisure and hospitality sector.
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