The latest Job Openings and Labour Turnover Survey, or JOLTS, showed job openings surged to 4.635 million in May.
Expectations were for job openings to fall to 4.35 million.
Last month’s report showed that total job openings in April totaled 4.455 million, up from 4.166 million the prior month.
In addition to job openings increasing, May’s report showed that the quit rate held steady at 1.8% of total employment, though the gross number of monthly quits edged up to 2,527,000 from 2,467,000. The quit rate is often seen as a measure of worker confidence, as people wouldn’t leave their job unless they were confident they could find another.
Peter Tchir at Brean Capital said of the report, “A very strong number. This is one Yellen told us to watch. You have to go back to June 2007 to get a better number.”
This chart, which comes to us courtesy of Bloomberg LP economist Michael McDonough, shows a breakdown of the report.
This chart from the BLS shows the hires and separations rates since May 2011.