The level of job openings is up 221,000 to 8.140 million in May after a small downward revision to 7.919 million in April. The change is slightly above the consensus of 7.9 million in the Econoday survey of forecasters.

Job openings in private industries are up 42,000 with mixed conditions across industries. There is a notable rise of 115,000 in manufacturing, but also a substantial decrease of 146,000 in leisure and hospitality. Job openings in government are 179,000 higher in May, mainly due to 142,000 in state and local government most of which is a 117,00 rise for non-education jobs. The openings rate is 4.9 percent in May after 4.8 in April, and 5.6 in May 2023. Numbers for job openings have been trending lower in the past two years from historical peaks but remain above pre-pandemic levels.

Levels of hiring have been little changed in recent months. The number of hires are down 141,000 to 5.756 million in May after 5.615 in April. Hiring in private industries is up 134,000 with a mixed performance across categories. The largest by far is a 113,000 increase in professional and business services. Government hiring is up 6,000 in May, with much of it in state and local government with an increase of 8,000. The hiring rate is 3.6 percent in May after 3.5 in April and 4.0 in May 2023.

Total separations are up 85,000 to 5.422 million in May after 5.337 million in April. Separations in private industry are up 91,000 while government separations are down 7,000. The largest increase in separations in 110,000 in professional and business services. The separations rate is unchanged at 3.4 in May and April compared to 3.8 in May 2023.

The level of voluntary job quits a subset of separations is up 7,000 to 3.459 million May after 3.452 million April. Quits are up 12,000 for private industries and down 6,000 in government. Fewer workers are leaving one job for another, but a few narrow industries are still experiencing churn. The largest increases in quits is 41,000 in trade, transportation, and utilities, 32,000 in professional and business services, and 23,000 in financial activities. There were 71,000 fewer quits in leisure and hospitality. The quits rate is steady at 2.2 in May and April, and down from 2.6 in May 2023.

The level of layoffs and discharges another subset of separations is up 112,000 to 1.654 million in May after 1.542 million in April, with the largest number at 71,000 in professional and business services. Government layoffs and discharges are up 2,000. The layoffs and discharges rate is 1.0 in May after 1.0 in April, and the same as 1.0 in May 2023.

Overall, the labor market appears to be cooling, but not significantly in terms of openings and employment. Levels of layoffs are relatively small and in narrow sectors, while voluntary job leavers have settled down significantly. Employers should be more able to find qualified workers with less competitive pressure.

Job openings have been slowing. May's consensus is 7.9 million versus April's lower-than-expected 8.059 million and March's 8.355 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.