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U.S. job openings, hiring fall in May

Kitco News

WASHINGTON (Reuters) - U.S. job openings fell in May, pulled down by declines in the construction and transportation industries, potentially flagging a slowdown in employment growth in the months ahead.

Job openings, a measure of labor demand, slipped by 49,000 to a seasonally adjusted 7.3 million in May, the Labor Department said in its monthly Job Openings and Labor Turnover Survey, or JOLTS on Tuesday. The job openings rate dipped to 4.6% from 4.7% in April.

Hiring dropped by 266,000 to 5.7 million in May, with the biggest decrease in the professional and business services industry. The hiring rate fell to 3.8% from 4.0% in April.

Nonfarm payrolls surged by 224,000 jobs in June after increasing only by 72,000 in May, the government reported last Friday. The unemployment rate rose one-tenth of a percentage point to 3.7% as more people entered the labor market, a sign of confidence in their employment prospects.

Reporting By Lucia Mutikani; Editing by Chizu Nomiyama

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