Reuters WASHINGTON (Reuters) — U.S. job openings fell in May, pulled down by declines in the construction and transportation industries, potentially flagging a slowdown in employment growth in the months ahead.
The Job Openings and Labor Turnover Survey, or JOLTS report from the Labor Department on Tuesday also showed a sharp drop in hiring in May, but layoffs remained low. After hitting an all-time high of 7.6 million in late 2018, job openings have been flat this year, suggesting some cooling in the labor market.
Still, the labor market remains strong.
That is helping to underpin the economy, which is slowing amid trade tensions, tepid global growth and fading stimulus from last year’s massive tax cuts and increased government spending.
“The JOLTS report looks consistent with the idea that the labor market is cooling somewhat but that it remains in solid shape,” said Daniel Silver, an economist at JP Morgan in New York. “The JOLTS data don’t show any obvious big reaction to the recent news on trade policy, which is consistent with the message from some other timelier labor market indicators.”Speech