Economic Report: U.S. hiring trends and job openings are still strong, fresh reports on labor market show

May didn’t bring a shower of new hiring and jobs in the U.S., but the labor market hasn’t gone soft.Has the U.S. labor market really taken a big turn for the worse? A new pair of employment reports suggest the answer is no. A private study of employment trends rose in May for the first…

Economic Report: U.S. hiring trends and job openings are still strong, fresh reports on labor market show

May didn’t bring a shower of new hiring and jobs in the U.S., but the labor market hasn’t gone soft.Has the U.S. labor market really taken a big turn for the worse? A new pair of employment reports suggest the answer is no. A private study of employment trends rose in May for the first time in three months, pointing to a steady if more subdued pace of hiring during the summer. And a government survey found that job openings remained near a record high in April while layoffs are still extremely low. The more positive readings contrast with last Friday’s jobs report for May that showed a meager 75,000 increase in new jobs. The slowdown in hiring last month raised the specter that the ongoing trade war with China has harmed the U.S. economy and discouraged companies from filling open jobs. Read: U.S. adds a meager 75,000 jobs in May in warning sign for economy Also: The worst part of a crummy jobs report might be ebbing pay gains for workers The uncertainty caused by the dispute with China certainly hasn’t helped, but a number of employment indicators aside from the most recent jobs report indicate the labor market is still quite strong. The number of people applying for jobless benefits is extremely low , for one thing, and employment improved in May in both the manufacturing and service sectors of the economy, a pair of surveys showed. Or take the employment trends index created by the same company that produces the long-running gauge
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