U.S. job openings fall in May as quits and hiring rise

Job openings in the U.S. drop in May as hiring and quits increased. Job openings fell 301,000 in May after rising to its second-highest level in April that was downwardly revised a bit to 5.97 million. Openings fell throughout industry groups but most followed an even larger jump in April. Every industry, except arts & entertainment saw hiring rise in May and quits also increase almost throughout the board.

The quit rate returned to its cycle-high 2.2 percent following a drop in April. This figure is likely to measure workers’ willingness to leave current positions to look for higher wages. Along with increased hiring throughout sectors, the equally widespread rise in the quit rate should augur well for wage gains, noted Wells Fargo in a research report. Wage growth continued to be elusive in the June payroll report. But average hourly earnings continued to trend lower on a year-on-year basis.

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