Job Openings Rose in May, Led by Accommodation and Food Services

That figure was up from 7.40 million at the end of April, the Bureau of Labor Statistics (BLS) said in a table from its Job Openings and Labor Turnover Survey (JOLTS) released Tuesday (July 1).

CNN reported Tuesday that the increase in job openings was unexpected, as economists had expected a drop due to businesses being cautious amid widespread uncertainty.

The report said the increase was due in part to a surge in job openings at restaurants and hotels, which were looking to hire ahead of the summer travel season and seemed optimistic that consumers would continue their discretionary spending.

Reuters, too, reported Tuesday that the economists it surveyed before the release of JOLTS had expected a decline in job openings because of uncertainty caused by tariffs.

The greatest increases in job openings in May were in accommodation and food services, which added 314,000 job openings, and finance and insurance, which added 91,000, the BLS said in a Job Openings and Labor Turnover Summary.

The month’s greatest decrease was in the federal government, which had 39,000 fewer job openings.

There were fewer hires and separations in May compared to April, though BLS characterized these numbers in the summary as “little changed.”

The number of hires declined by 112,000 and stood at 5.50 million at the end of May, according to the table. BLS noted in its summary that the number of hires in the federal government decreased by 11,000.

The number of separations declined by 71,000 and stood at 5.24 million, per the table. Each of the different sorts of separations — quits, layoffs and discharges, and other separations — was little changed, BLS said in its summary. It added that the number of layoffs and discharges in the finance and insurance sector dropped by 47,000.

The University of Michigan’s June Consumer Sentiment Index, which was released Friday (June 27), showed the first improvement in consumer confidence in six months.

The 16% month-over-month surge in the index reflected improvement across various facets of the economy, with a notable gain in expectations for personal finances and business conditions.