Overview
- The Labor Department's JOLTS report showed job openings rose by about 731,000 to roughly 7.618 million, the highest level since May 2024 and led by a 668,000 increase in professional and business services, according to multiple government and news reports on June 2.
- Hiring weakened in April with total hires falling by about 419,000 to roughly 5.12 million and the hires rate sliding to about 3.2%, even as layoffs declined to near 1.692 million and voluntary quits dropped to just under 3 million.
- ADP's May private payrolls report, published on June 3, recorded a gain of 122,000 private-sector jobs and showed pay for job-stayers rising about 4.4% year over year, offering a complementary view of steady but modest hiring.
- Economists warn the JOLTS monthly figures can be volatile and that the big April jump was heavily concentrated in one sector, so markets are watching Friday's official May nonfarm payrolls to judge whether the trend is broad and durable.
- The combination of higher openings and softer hiring has pushed markets and policymakers to expect the Federal Reserve will hold its policy rate at 3.50%–3.75% ahead of Chair Kevin Warsh's first projections at the mid-June meeting, while leaving questions about wage pressure and inflation.