overall hiring activity remained fairly tepid<\/a> in May \u2014 hiring rates were flat or down across most industries \u2014 the accommodation and food services sector filled open jobs at a pace last seen in the summer of 2023, a potential indication that there\u2019s optimism that consumers will still continue to spend, especially in discretionary areas, despite broadening economic uncertainty.\n <\/p>\n\n President Donald Trump\u2019s sweeping policy moves \u2014 including heightened tariffs, moves to reduce immigration, and reduction in federal spending and workers \u2014 as well as increased geopolitical tension, have injected incredible uncertainty into the US economy, sending markets on a roller coaster ride, rattling consumers and freezing some business decisions.\n <\/p>\n
\n It may take some time for these moves, especially on immigration, to be reflected in labor market data, Shrivastava said.\n <\/p>\n
\n Tuesday\u2019s data is the first in a series of critically important economic metrics released this week about the labor market, culminating with the June jobs report that\u2019s due out on Thursday morning.\n <\/p>\n
\n Economists are expecting job gains to slow from May, with an estimated 115,000 positions added in June, according to FactSet. They also are forecasting that the unemployment rate will rise to 4.3% from 4.2%.\n <\/p>\n
\n The monthly JOLTS report showed how US labor market turnover activity is faring at a time when concern is growing that job growth may be slowing too much.\n <\/p>\n
\n \u201cAs tariff worries fade, businesses are adopting a more optimistic view and are looking to bring on more workers,\u201d Heather Long, chief economist at Navy Federal Credit Union, wrote on Tuesday. \u201cHiring has been stuck at unusually low levels for over a year. But there\u2019s hope the \u2018white-collar job recession\u2019 could finally end as finance and insurance firms are posting more roles.\u201d\n <\/p>\n
\n Tuesday\u2019s data showed that the labor market remains a bit gridlocked as the churn seen in stronger economic times has slowed. The hiring rate (as a percentage of total employment) continues to hover near 10-year lows.\n <\/p>\n
\n The closely watched \u201cquits rate,\u201d which serves as both a gauge of employee confidence as well as an indicator of future wage growth, was 2.1% in May, remaining well below the average rate of the past five years.\n <\/p>\n
\n However, despite the stalling in hiring and quitting, layoff activity hasn\u2019t significantly accelerated.\n <\/p>\n
\n Layoffs fell in May to 1.6 million, staying below pre-pandemic levels. The rate of layoffs remains near record lows, according to BLS JOLTS data that dates back to December 2000.\n <\/p>\n","protected":false},"excerpt":{"rendered":"CNN \u00a0\u2014\u00a0 The \u201cwait-and-see\u201d is turning into a \u201cjust-can\u2019t-wait-anymore.\u201d US employers moved forward on plans to increase their…\n","protected":false},"author":3,"featured_media":43018,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[64,420,67,132,68],"class_list":{"0":"post-43017","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-jobs","8":"tag-business","9":"tag-jobs","10":"tag-united-states","11":"tag-unitedstates","12":"tag-us"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/114805592940496337","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/43017","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=43017"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/43017\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/43018"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=43017"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=43017"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=43017"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}