U.S. employers advertised fewer jobs in May amid signs that the economy is weakening, though the overall demand for workers remained strong.
Employers posted 11.3 million job openings at the end of May, the, down from nearly 11.7 million in April. Job openings reached 11.9 million in March, the highest level on records dating back more than 20 years. There are nearly two job openings for every unemployed person, a sharp reversal from the historic pattern: Before the pandemic, there were always more unemployed people than available jobs.
. Yet companies are still scrambling to add workers. Demand has been particularly strong in travel- and entertainment-related services.“This is not what a recession looks like,” said Nick Bunker, director of economic research at employment website Indeed's Hiring Lab. “Clouds can move in quickly and darken the outlook for the U.S. labor market, but for now, the sun is still shining.”
Economists are closely monitoring the jobs opening figures for signs the labor market is cooling, which could bring down inflation. With companies posting so many available positions, they have also been raising pay and offering more benefits to attract and keep workers.
And Homebase, a company that provides payroll and hiring software for small businesses, says it has seen a 16% drop in new job postings by its customers in June compared with May. A separate survey of 400 of its clients finds that while most plan to add jobs this year, the proportion who say they won’t add jobs has doubled to 8% in June compared with January of this year. And the proportion who plan to add more than 11 workers has fallen sharply, to nearly 19%, down from 30% in January.
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