US job openings unexpectedly rise in May, hiring falls
Job openings, a measure of labour demand, were up 374,000 to 7.769 million by the last day of May, the Labor Department's Bureau of Labor Statistics said in its Job Openings and Labor Turnover Survey, or JOLTS report, on Tuesday (Jul 1).
Economists polled by Reuters had forecast 7.30 million vacancies. Hiring decreased by 112,000 to 5.503 million in May. Layoffs dropped 188,000 to 1.601 million.
Economists say the lack of clarity on what happens after Jul 9, when the 90-day pause on US President Donald Trump's reciprocal tariffs expires, had left businesses unable to make long-term plans. A 90-day temporary reduction in tariffs between the US and China is due to end in mid-August.
US Treasury Secretary Scott Bessent said on Monday that trade partners could still face sharply higher tariffs next Wednesday, adding that any potential negotiating extensions will be up to Trump, who hinted that Japan may soon be notified of higher import duties.
Data last week showed a surge in the number of people collecting unemployment checks to more than a 3½-year high in mid-June. A survey from the Conference Board showed the share of consumers who viewed jobs as being 'plentiful' dropped to the lowest level in more than four years in June.
Economists polled by Reuters expect the government's closely watched employment report on Thursday to show the jobless rate increased to 4.3 per cent in June from 4.2 per cent in May. Nonfarm payrolls are forecast to rise by 110,000 jobs after advancing by 139,000 in May. The employment report is being published a day early because of the Independence Day holiday on Friday. REUTERS
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
an hour ago
- Straits Times
Shifting to Asia, Rubio meets Quad and talks minerals
Sign up now: Get ST's newsletters delivered to your inbox US Secretary of State Marco Rubio (far right) posing for a Quad group photo with (from left) Indian External Affairs Minister Subrahmanyam Jaishankar, Australian Foreign Minister Penny Wong and Japanese Foreign Minister Takeshi Iwaya, on July 1. WASHINGTON - US Secretary of State Marco Rubio met on July 1 with counterparts from Australia, India and Japan, shifting focus to Asia after a tenure so far marked by crises elsewhere and domestic priorities. Mr Rubio had welcomed the foreign ministers of the so-called Quad on Jan 21 in his first meeting since President Donald Trump's inauguration, seen as a sign that the new administration would prioritise engagement with like-minded countries to counter China. Since then, much of Mr Rubio's attention has been on the Middle East, with the United States bombing Iranian nuclear sites in support of Israel; on Ukraine, as Mr Trump unsuccessfully seeks a ceasefire in Russia's invasion, and on boosting Mr Trump's domestic priorities such as mass deportations of migrants. Welcoming the three foreign ministers, Mr Rubio did not directly mention military concerns over China but said he sought cooperation among business and on raw materials – also key goals for the Trump administration. Mr Rubio told them he was focused on 'diversifying the global supply chain of critical minerals – not just access to the raw material, but also access to the ability to process and refine it to usable materials.' 'It's critical for all technologies and for all industries across the board,' Mr Rubio said, voicing hope for 'real progress' on the issue within the Quad. China holds major reserves of several key minerals including the vast majority of the world's graphite, which is crucial for electric vehicles. Top stories Swipe. Select. Stay informed. Singapore Seniors can claim $800 SG60 vouchers from July 1; adults to get $600 in vouchers from July 22 Singapore NSman, 30, dies in hospital after collapsing outside Maju Camp Asia Thai PM's suspension could spell end of Shinawatra clan's era of political dominance Singapore Judge rejects woman's claim that she owns 99% of Bukit Timah condo mostly paid for by ex-boyfriend Singapore 'He fought till the end': Man who survived acid attack as a baby dies of cancer at 26 Singapore Trial opens for 3 women who allegedly organised procession outside Istana Business Do not overcommit to a single solution in a multi-polar world, says ex-foreign minister George Yeo Singapore 1MDB saga: Standard Chartered Bank disputes $3.4 billion claim by liquidators in Singapore Beijing has sought to impose restrictions as leverage, as the United States in turn curbs its access to semiconductors and as Mr Trump wields the threat of punishing tariffs on both friends and foes. 'Free and open' Mr Trump is expected to travel to India later this year for a summit of the Quad. The four-way partnership was first conceived by late Japanese prime minister Shinzo Abe, who saw an alliance of democracies around China – which has repeatedly alleged that the Quad is a way to contain it. Mr Trump has long branded China as the top US adversary, but since returning to office has also saluted his relationship with Chinese President Xi Jinping. Both the Indian and Japanese foreign ministers said that they wanted the Quad to focus on a 'free and open Indo-Pacific' – a phrasing that is a veiled allusion to opposing Chinese dominance in Asia. 'We're all committed to ensure a free and open Indo-Pacific,' Indian Foreign Minister Subrahmanyam Jaishankar said. 'It is essential that nations of the Indo-Pacific have the freedom of choice, so essential to make right decisions on development and security,' he said. Mr Jaishankar also made clear that India would raise its strikes in May against Pakistan in response to a major attack on mostly Hindu civilians in Indian-administered Kashmir. 'India has every right to defend its people against terrorism, and we will exercise that right. We expect our Quad partners to understand and appreciate that,' he said. Despite shared concerns on China, the Quad members have differed on other hotspots. India has maintained a historic relationship with Russia despite the invasion of Ukraine. Both India and Japan also have historically warm relationships with Iran, whose nuclear sites the United States bombed in June in support of an Israeli campaign. AFP
CNA
an hour ago
- CNA
Powell reiterates US Fed will wait for more data before cutting rates
SINTRA: US Federal Reserve Chair Jerome Powell on Tuesday (July 1) reiterated the US central bank's plans to "wait and learn more" about the impact of tariffs on inflation before lowering interest rates, again setting aside President Donald Trump's demands for immediate and deep rate cuts. "We're simply taking some time," Powell said at a central bank gathering in Portugal a day after Trump sent him a handwritten missive noting how low other central banks had cut rates and suggesting the US needed to move. "As long as the US economy is in solid shape, we think that the prudent thing to do is to wait and learn more and see what those effects might be." Yet Powell also declined to rule out a possible rate cut at the Fed's upcoming July 29-30 meeting, prompting investors to slightly boost the possibility of a reduction at that session and shifting focus to a jobs report to be issued on Thursday and new inflation data coming in two weeks, both covering the month of June. Powell noted that a majority of Fed officials in recent projections do expect to lower the benchmark interest rate later this year, and are closely attuned to whether inflation increases this summer, as policymakers and many economists expect. "It's going to depend on the are going meeting by meeting," Powell said. "I wouldn't take any meeting off the table or put it directly on the table. It's going to depend on how the data evolve.' The Fed is facing a complicated moment, weighing sometimes conflicting data that could leave officials faced with both rising unemployment and rising inflation, the worst of both worlds for a central bank tasked with maintaining both stable prices and maximum employment. Uncertainty over trade and other administration policies has left businesses also unsure of what to do, and the Fed's decision-making has been under virtually daily assault from a president eager to install his chair when Powell leaves the Fed's top job next May. At the Sintra gathering, an annual forum sponsored by the European Central Bank and akin to the Fed's yearly gathering at Jackson Hole, Wyoming, Powell got at least a momentary reprieve. FED IS FOCUSED "100%" ON INFLATION AND JOBS TARGET Asked about Trump's barrage of insults, Powell's comment that the Fed was focused "100%" on its inflation and jobs target drew applause from the audience and from the heads of the ECB, the Bank of England and other central banks who joined him onstage for a panel discussion. Central bank independence from the lobbying of elected officials, at least in the setting of interest rates, is considered key to keeping inflation under control. Powell said his message to whomever Trump chooses to succeed him in a little over 10 months would be "we're trying to deliver macro stability, financial stability, economic stability for the benefit of all the people. If we're going to do that successfully, we need to do it in a completely non-political way, which means we don't take sides. We don't play one side against the other." It remains unclear how long the Fed may have to wait to gain the clarity it needs to resume reducing interest rates. The central bank cut steadily last year, beginning in September - something Trump alleges was politically motivated - but stopped in December after lowering the benchmark rate a full percentage point to the current 4.25% to 4.5% range. Powell has made no secret of why. "In effect, we went on hold when we saw the size of the essentially all inflation forecasts for the United States went up materially as a consequence," Powell said. The central bank targets inflation of 2%, and recent readings remain above that level now for the fourth year running following a spike in prices during the COVID-19 pandemic. While officials are open to lowering rates if inflation proves lower than expected or the job market weakens, Powell said there is nothing in the data so far indicating a need to move fast or soon.
CNA
an hour ago
- CNA
US Senate strikes AI regulation ban passage from Trump megabill
WASHINGTON: The Republican-led US Senate voted overwhelmingly on Tuesday (July 1) to remove a 10-year federal moratorium on state regulation of artificial intelligence from President Trump's sweeping tax-cut and spending bill. Lawmakers voted 99-1 to strike the ban from the bill by adopting an amendment offered by Republican Senator Marsha Blackburn. The action came during a marathon session known as a "vote-a-rama," in which lawmakers offered numerous amendments to the legislation that has now passed through the upper chamber of Congress. The Senate version of Trump's legislation would have only restricted states regulating AI from tapping a new $500 million fund to support AI infrastructure. The AI clause is part of the wide-ranging tax-cut and spending bill sought by President Donald Trump, which would cut Medicaid healthcare and food assistance programs for the poor and disabled. Vice President JD Vance cast the tie-breaking vote in the Senate to pass the bill, which now moves back to the House for consideration. Major AI companies, including Alphabet's Google and OpenAI, have expressed support for Congress taking AI regulation out of the hands of states to free innovation from a panoply of differing requirements. Blackburn presented her amendment to strike the provision a day after agreeing to compromise language with Senate Commerce Committee chair Ted Cruz that would have cut the ban to five years and allowed states to regulate issues such as protecting artists' voices or child online safety if they did not impose an "undue or disproportionate burden" on AI. But Blackburn withdrew her support for the compromise before the amendment vote. "The current language is not acceptable to those who need these protections the most," the Tennessee Republican said in a statement.
