WASHINGTON (AP) – U.S. employers advertised slightly more job openings in May, a sign of an increasingly energized economy where companies are expecting continued growth.
The Labor Department said Tuesday that the number of open jobs rose 0.5 percent to 5.36 million in May. April’s total was revised down to 5.33 million from 5.38 million, which had been a 15-year high.
The stronger confidence among employers has yet to fully spill over to workers. Both the number of new hires slipped somewhat in May for the second straight month, while the number of workers who chose to leave their jobs – a sign of strength since quits are generally associated with people finding better jobs – was basically unchanged.
Job gains have been solid since February 2014, yet many Americans are still confronting financial uncertainties because of limited wage growth. On Friday, the government said employers added a robust 223,000 jobs in June. But average hourly wages were flat.
The unemployment rate fell to 5.3 percent last month from 5.5 percent. However, the seemingly positive sign actually reflected a negative for the economy: More people became discouraged and gave up searching for work. This caused the government to no longer count these people as jobless and resulted in the unemployment rate declining. In a healthier economy, more people would be entering the job market than exiting it.