Record hires in may, but a full recovery is likely far away
|Job openings rose to 5.4 million in May and there were a record 6.5 million hires. The U.S. labor market is recovering, albeit slowly, and the renewed pick-up in COVID-19 cases presents a serious downside risk.
We’re (Re)open
- The number of U.S. job openings bounced in May, as some stayat-home orders were lifted and businesses began to re-open toward the end of the month. Still at 5.4 million, openings remain nearly 30% below their 2019 peak. Total separations fell to their lowest level since 2012 after surging in March and April. Separations fell across all major industries, which serves as the latest evidence that the bottom has been hit in the labor market.
And We’re (Re)Hiring…Slowly
- There were a record 6.5 million hires in May, as many furloughed workers began to be rehired. This is an encouraging sign, but high-frequency claims data suggest the road to recovery is long.
- First-time claims for unemployment insurance continue to fall each week, but remain high, and 19 million people continue to receive benefits. The more-recent acceleration in COVID-19 cases only exacerbates concerns of a prolonged labor market recovery.
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