U.S. job openings dip to 11.3 million, but labor market still historically strong
The numbers: The U.S. economy is cooling off, but the labor market is still red hot. Job openings fell slightly in May to a still-high 11.3 million and layoffs remained near a record low.
Job openings have slipped two months in a row after peaking in March at 11.9 million, but they have topped 11 million for six straight months. Layoffs are also extremely low.
The number of people who quit jobs in May, meanwhile, fell slightly to 4.27 million, the Labor Department said Wednesday.
Quits topped 4 million one year ago for the first time ever, part of a pandemic-era trend that’s become known as “the great resignation.”
Before the pandemic, the number of people quitting jobs averaged fewer than 3 million a month.
Big picture: The U.S. labor market is the economy’s biggest bulwark against recession. As long as people are working and feel secure in their jobs, they are likely to keep…
