Job openings are up and employers are holding onto the employees that they have. Job openings rose 0.5 percent in May to a record 5.363 million vs 5.334 million in April which was revised downward from an initial record reading of 5.376 million. This is the highest level since the series began in 2000. The separations rate dipped 2 tenths to 3.3 percent with the quits rate unchanged at 1.9 percent but with the layoff rate down 1 tenth to 1.2 percent. The hiring rate also dipped 1 tenth to 3.5 percent perhaps reflecting the increasing difficulty of finding qualified employees.
The number of job openings (yellow) are up 16% year-over-year compared to May 2014.
Quits are up 8% year-over-year. These are voluntary separations. (see light blue columns at bottom of graph for trend for “quits”).