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.”
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