U.S. hiring races to record high in May, layoffs abate – Reuters India

WASHINGTON (Reuters) – U.S. hiring surged to a record high in May and layoffs fell as businesses reopened, but the improvement in the labor market is likely to be blunted by a resurgence in COVID-19 cases that has forced some enterprises to shut down again. A “Now Hiring” sign advertising jobs at a hand car…

U.S. hiring races to record high in May, layoffs abate – Reuters India

WASHINGTON (Reuters) – U.S. hiring surged to a record high in May and layoffs fell as businesses reopened, but the improvement in the labor market is likely to be blunted by a resurgence in COVID-19 cases that has forced some enterprises to shut down again. A “Now Hiring” sign advertising jobs at a hand car wash is seen along a street, as the spread of the coronavirus disease (COVID-19) continues, in Miami, Florida, U.S. May 8, 2020. REUTERS/Marco BelloThe report from the Labor Department on Tuesday also showed a rebound in job openings, a measure of labor demand, which economists said was difficult to square with the 31.5 million people collecting unemployment checks in mid-June. “The labor market is hard to read right now with many cross-currents and anomalies as the country starts to get back up to speed,” said Chris Rupkey, chief economist at MUFG in New York. “It is hard to imagine these millions of job postings across the country are real. Our guess is many of the openings are merely leftovers from the best labor market in 50 years at the start of a year.” The monthly Job Openings and Labor Turnover Survey, or JOLTS, report showed hiring accelerated by 2.4 million jobs to 6.5 million, the highest since the government started tracking the series in 2000. The hiring rate jumped to an all-time high of 4.9% from 3.1% in April. The report followed on the heels of news on Friday that the economy created a record 4.8 million jobs in June. Nonfarm payrolls have rebounded after a historic plunge of 20.787 million in April as the labor market reeled from the closure of businesses in mid-March to slow the s
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