Job openings tick up in May; hiring still soft - AOL

Job openings tick up in May; hiring still soft - AOL says US job openings increased modestly in May while hiring stayed weak, pointing to a labor market that remains in a holding pattern. According to the Labor Department’s JOLTS report released on Tuesday, openings rose by 9,000 to 7.594 million by the last day of May. The April figure was revised down to 7.585 million from 7.618 million. The job openings rate was unchanged at 4.6%, while hiring fell by 45,000 to 5.170 million and the hiring rate held at 3.3%. The report follows three consecutive months of strong job growth and notes fewer layoffs and resignations. Forecasts ahead of the June employment report call for 110,000 jobs added in June and an unemployment rate steady at 4.3%. The Federal Reserve is expected to keep raising rates to address inflation risk.