The number of job vacancies in the US showed a slight decline, but it remains at extremely high levels, about two for every unemployed person in the country.
Specifically, US job vacancies rose to 11.3 million in May, down about 400,000 from April’s upwardly revised 11.7 million.
It is noted, however, that economists in a Bloomberg survey expected a larger drop, to 11 million.
At the same time, the number of people considered unemployed in the country stood at 5.95 million, which means that for every unemployed person there are 1.9 jobs available.
It is worth noting that this size has been indicated several times by Fed officials as well as its president Jerome Powell as a sign of the economy’s resistance to aggressive interest rate hikes.
Resignations also saw a slight decline to 4.27 million, in a slight sign of buckling the trend that has been dubbed the Great Resignation.
The number of workers voluntarily leaving their jobs has skyrocketed in the Covid era, a sign of increased mobility at a time of extreme labor shortages.
Finally, layoffs remained at similar levels to last month, at 1.4 million, significantly lower than pre-pandemic levels.
Source: Capital
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