The number of job openings in May is down to 9.824 million after an upward revision to 10.320 million in May. The May level is close to the consensus of 9.900 million in the Econoday survey of forecasters. The decrease is due to a fall of 598,000 in private job openings while government job openings are up 103,000. The decline in private jobs is widespread but particularly steep in healthcare and social assistance with a drop of 285,000 jobs. The job openings rate is down 3 tenths to 5.9 percent in May.

In May, the number of hires is up 107,000 from the prior month to 6.208 million with increases of 96,000 in private payrolls and 12,000 government jobs. Private hiring was mixed with a sharp decline of 139,000 in professional and business services offset by a combination of gains including 67,000 in manufacturing, 61,000 in trade, transportation, and utilities, 56,000 in education and health services, and 34,000 in other services. The hires rate is up 1 tenth to 4.0 in May.

Separations are up 211,000 to 5.871 million in May from April with an increase of 217,000 in private payroll separations and a decrease of 6,000 in government jobs. The separations rate is up 2 tenths of 3.8 in May. However, the number of separations is boosted by an increase in voluntary job quits of 250,000 in May to 4.015 million. The quits rate is up 2 tenths to 2.6 in May. The level of layoffs and discharges in May is down 35,000 to 1.555 million with private layoffs down 32,000 and government layoffs down 3,000. The layoffs and discharges rate remains at 1.0 in May from April.

Businesses are eliminating open spots, but these remain plentiful enough to take up many of the workers experiencing layoffs and to encourage workers to change jobs in search of higher compensation and/or better working conditions. The normalization of the labor market has yet to see a significant deterioration in its strength.

April's 10.103 million was much higher than expected and pointed to strong resilience in labor demand. The consensus for May is 9.9 million.

The Labor Department's JOLTS report tracks monthly change in job openings and offers rates on hiring and quits. The reporting period lags other employment data including the employment situation report. The word JOLTS stands for Job Openings and Labor Turnover Survey.

Although lagging the release timing of the employment situation report by a month, JOLTS provides additional information on the labor market. The payroll survey in the employment situation report provides numbers on net job changes. JOLTS breaks down labor market data into pre-net changes such as job openings, hires, and separations.