6 July 2023
The latest JOLTS report reveals contrasting trends in the labor market. Job openings declined by 496,000 in May, with notable decreases in sectors like health care and finance. However, the number of voluntary quits surged by over 250,000, particularly in health care and construction. Additionally, hires increased by 107,000. The reliability of the data is questioned due to the record-low response rate of 31%. Careful analysis is needed to navigate the complexities of the evolving labor market.