Job openings unexpectedly increased in May
Job openings, which serve as a closely watched measure of labor market demand, totaled an estimated 7.77 million at the end May, rising from 7.4 million in April, according to the BLS' latest Job Openings and Labor Turnover Survey.
Economists were expecting the number of available jobs to retreat after unexpectedly bouncing higher in April. Consensus estimates were for job openings to total 7.3 million last month, according to FactSet.
Instead, they rose for the second month in a row.
Some of the most substantial increases in job postings were at restaurants and hotels, which saw a surge (+314,000) in advance of summer travel season after openings in that sector hit a low-water mark in April. The finance and insurance industry also saw a sizeable upswing in job openings, Tuesday's data showed.
While overall hiring activity remained fairly tepid in May, the accommodation and food services sector filled open jobs at a pace last seen in the summer of 2023, indicating potential optimism for continued consumer spending despite broadening economic uncertainty.
President Donald Trump's sweeping (and frequently shifting) trade policy, as well as heightened geopolitical tension, have injected incredible uncertainty into the US economy, sending markets on a roller coaster ride, rattling consumers and freezing some business decisions.
Tuesday's data is the first in a series of critically important economic metrics released this week about the labor market, culminating with the June jobs report that's due out on Thursday morning.
This story is developing and will be updated.
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