Yahoo Finance's Emily McCormick breaks down the latest Job Openings and Labor Turnover Survey (JOLTS) data from May.
EMILY MCCORMICK: Well, the labor market remains extremely tight, according to the latest JOLTS data. That is the Job Openings and Labor Turnover Survey from the Labor Department. Now, for the month of May, job openings totaled 11.254 million. Now, that compared to the 11.0 million exactly, that consensus economists were looking for, according to Bloomberg data. So certainly seeing those job openings still coming in higher than expected.
Now, we should also note that in April, job openings were revised up to 11.681 million. In April, job openings were previously reported at 11.4 million. So, again, job openings coming in higher than expected for May and getting upwardly revised for April as well. Now, job openings have come down only marginally after reaching a record high of over 11.8 million in March. So, again, not really necessarily seeing that tightness letting up in the labor market.
And when we switch over to the higher side, the data today also showing that the number of hires for May was little changed at 6.5 million. So, again, nearly two job openings available for every unemployed person. So, guys, all of the data is really pointing to the fact that we're still seeing quite a tight labor market. Again, this data is for May, so it is a couple of months on delay here. But again, at least based on what we're seeing in this report, still no signs of that tightness in the labor market really easing at this point.