Job openings in U.S. jump to fresh record high of 9.3 million

The latest jobs report from the Labor Department showed payrolls increased by 559,000 in May after a 278,000 gain in April, which suggests that hiring efforts started paying off last month. Still, the payrolls figure came in below estimates and leaves the labor market 7.6 million jobs short of pre-pandemic levels.

A broader labor market recovery will require a faster pace of hiring in the leisure and hospitality industry, which was hardest-hit by pandemic lockdowns.

Accommodation and food services job openings jumped by a record 349,000 in April, accounting for 35% of monthly increase. Hiring in the industry rose 232,000.

Manufacturing vacancies climbed by 102,000 to a record 851,000 in April, while hiring declined. Job openings in retail and wholesale trade, professional and business services, and government were also the highest on record.

A separate report Tuesday from the National Federation of Independent Business showed that small business optimism eased in May for the first time in four months as firms grappled with a lack of labor and higher prices. The NFIB said last week that small-business owners had a record share of unfilled positions in May.

Total hires increased to 6.1 million in April from 6 million, while the hires rate held at 4.2%. Layoffs and discharges were little changed.

By industry, the pickup in the number of quits included increases in retail trade, transportation and warehousing, and leisure and hospitality.

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