May 2024 JOLTS Report: Short-Run Stability, Long-Term Uncertainty

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Key points:

Job openings picked up in May, but do not confuse a one-month move for a trend: Demand for new hires is not trending upward. The current level of openings is consistent with a healthy, sustainable, and balanced labor market as hiring and quitting stabilize and layoffs remain low. However, any continued declines in job openings below current levels will quickly become more worrisome and risk a sharp rise in unemployment.

After more than two years of steady declines in job openings, the labor market may be well on the way to leveling off at a sustainable

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