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Job openings unexpectedly fall in May

Akin Oyedele   

Job openings unexpectedly fall in May
Stock Market2 min read

Lightning storm

Getty Images/Mitchell Krog/Barcroft USA

'Fire and Ice' Lightning strikes dropping from the sky (left) while a grass fire caused by a previous strike lights the sky a beautiful red-orange colour (right) in Magaliesburg, South Africa.

The number of job openings in the US fell to 5.5 million in May, according to the Job Openings and Labor Turnover Survey.

It dropped from a record 5.845 million openings in the prior month, revised higher in Tuesday's report.

Economists had forecast that there were 5.65 million job openings during that month, according to Bloomberg.

Federal Reserve chair Janet Yellen is fond of this report because beyond the number of jobs being created, it tells us about how much tighter the labor market is getting.

The JOLTS report includes data on the rate at which people are quitting their jobs. When this is rising, it partly indicates workers' confidence in their ability to find new jobs quickly.

The quits and hires rates were unchanged from the prior month, at 2% and 3.5% respectively.

More to come ...

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