US job openings rise to 8.1 million despite higher interest rates

A hiring sign is displayed at a restaurant in Arlington Heights, Ill., Friday, June 28, 2024. On Tuesday, July 2, 2024, the Labor Department reports on job openings and labor turnover for May.

Layoffs rose to 1.65 million in May from 1.54 million in April. The number of Americans quitting their jobs — a sign of confidence in their prospects — was basically unchanged. But lately there have been signs the economy is losing some steam. Job openings have come steadily down since peaking at 12.2 million in March 2022. The job market is still strong. There are 1.25 jobs for every unemployed American, but that's down from a 2-to-1 ratio in January 2023.

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Inflation cooled in May in a sign that price pressures may be easingInflation in the United States eased in May for a second straight month, a hopeful sign that a pickup in prices that occurred early this year may have passed. The trend, if it holds, could move the Federal Reserve closer to cutting its benchmark interest rate from its 23-year peak.
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