U.S. job openings dip to 9.8 million but remain high, showing resilience in labor market

By PAUL WISEMAN
AP Economics Writer

WASHINGTON (AP) — U.S. job openings slipped in May but remained at levels high enough to show the American labor market remains resilient in the face of sharply higher interest rates. The Labor Department said Thursday that employers posted 9.8 million job vacancies, down from 10.3 million in April. But layoffs fell slightly, and more Americans quit their jobs — a sign they were confident they could find better pay or working conditions elsewhere. Job openings remain high by historic standards despite the Federal Reserve’s aggressive campaign to cool the American labor market and slow the economy to combat inflation that last year hit four-decade highs. The Fed has hiked its benchmark short-term interest rate 10 times since March 2022.