Labor Department reports increase in job openings in May
Tuesday, July 10, 2012
The Labor Department has announced that the number of job openings in the United States climbed in May following a drop in May.
The Labor Department stated the number of positions that are waiting to be filled rose to 3.64 million, which is a 195,000 position growth and helped counter the 294,000 drop in April. In addition, the 3.3 percent hire rate and 3.3 percent separations rate were largely unchanged for the month.
“The labor market still looks pretty tenuous,” Michael Feroli, chief U.S. economist at JPMorgan Chase and Company in New York, told Bloomberg. "(The April report) sent some worrying signals that maybe things were in free fall. You have the May report and you can see businesses were turning a bit more cautious, but they weren’t completely pulling back.”
The monthly Job Openings and Labor Turnover Summary from the Labor Department shows that part of the reason for the increased number of job openings is more people quitting their jobs. On the other hand, another reason for the increase in job openings is people losing their jobs as the result of layoffs.
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