Economy

Job openings increased from 7.39M last month to 7.76M, which was a surprise (7.3 M was expected).

https://finance.yahoo.com/news/job-openings-hit-highest-level-since-november-2024-144025969.html

but this wasn't so good: 5.5 million hires were made during the month, down from the 5.61 million made during April. The hiring rate ticked lower to 3.4% from the 3.5%.

In one sign that workers remain cautious about labor market conditions, the quits rate, a sign of confidence among workers, moved up to 2.1% from 2% in April. (An increase in quit rates is considered a good sign for the jobs market, but this slight bump-up was insignificant).

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Investopedia - https://finance.yahoo.com/news/job-openings-rise-again-may-165219486.html

Additionally, employers reported fewer layoffs in May

The data also showed that cooling trade tensions with China in May helped employers with their hiring decisions, especially in industries like transportation, warehousing and manufacturing that are more directly impacted by tariffs. “The trade détente helped reinvigorate small business confidence over the month and may have contributed to the better-than-expected increase in job openings,” wrote Wells Fargo economists Sarah House and Nicole Cervi.