The May JOLTS Report

The May JOLTS Report

Job openings declined by half a million, but 3 of 4 key indicators—hiring, quits, and layoffs—improved, suggesting that the labor market remains robust

Today’s JOLTS report points to a robust and resilient labor market with 40% more job openings, 21% fewer monthly layoffs and discharges, and 15% more employee-initiated quits (most for better jobs) than before the pandemic. 

Particularly in industries such as accommodation and food services, and so-called other services, workers have gained tremendous leverage since the pandemic and continue to hold onto those gains. 

With 53% fewer layoffs and discharges taking place each month in a sector known as “other services” (which encompasses businesses such as nail salons and laundry services), and 37% fewer in accommodation and food services, low-wage workers in America continue to enjoy substantially greater job security than before Covid. 

An all-time record high number of job openings in state and local governments suggests that there will be plenty more catch-up hiring in the coming months in sectors where employment levels remain below their pre-pandemic levels. 

The information sector, however, remains a notable weak spot, with 6% more layoffs and discharges, and 17% fewer quits, than before the pandemic, indicating substantially lower employee leverage in tech and the media.