ticked up slightly to 8.14 million in May, a sign that the labor market still has some underlying strength despite higher interest rates.
The latest numbers could give the Federal Reserve some ammunition to keep its interest rate target higher for longer. About 3.5 million workers quit their jobs in May, little changed from the month before. The figure is equivalent to about 2.2% of the workforce. Also of note in Tuesday’s JOLTS report, layoffs and discharges were little changed, at 1.7 million in May.
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