U.S. Labor Market Update

Data released last week by the U.S. Bureau of Labor Statistics (BLS) conflicts with recent analysis that the so-called “Great Resignation” is ending. The monthly Job Openings and Labor Turnover Summary (JOLTS) showed that the number of individuals who voluntarily quit their jobs in May rose by 250,000 or .2 percent from April levels. Experts had predicted that the number of quits, down .4 percent from record April 2022 levels, would continue to decline however the surprising increase seems to indicate that workers across the country still feel strongly about their ability to leave jobs and find better opportunities. Additional JOLTS data shows that the number of available jobs in May declined by roughly 500,000 openings from the prior month, suggesting a slight loosening of the labor market.

Today’s job report released by the BLS showed that hiring eased slightly in June, with employers adding 209,000 jobs nationwide and the unemployment rate ticking down slightly to 3.6%. The BLS data tracked closer to economists estimates unlike a report released by the payroll processing firm ADP that rattled Thursday’s market activities.