Vacancies rose from a revised 7.9 million in April, the first reading below 8 million since February 2021, the Labor Department reported Tuesday. April openings were marked down from an originally reported 8.1 million.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.'The report was another sign that the labor market is holding firm ...
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.Fed policymakers welcome lower job openings — a relatively painless way to cool a hot job market and reduce pressure on companies to raise wages, which can feed inflation.