US: Job openings bounced in May – Wells Fargo

Matías Salord FXStreet

The JOLTS report showed a rebound in job openings in May. According to analysts at Wells Fargo, the labor market is recovering, albeit slowly, and the renewed pick-up in coronavirus cases presents a serious downside risk.

Key Quotes:

“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.”

“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.”

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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