"This sets the stage for a stronger second-half outlook for consumption"
- Neil Dutta, head of U.S. economics at Renaissance Macro Research LLC
The number of opened positions waiting to be filled rose more than initially was expected in May, as companies are now more optimistic about the demand, since the effects of sequester will wane. According to the Labor Department, job openings in the world's largest economy grew by 28,000 reaching 3.83 million in May, up from a revised 3.8 million a month earlier, and beating analysts' expectations of a 3.81 million. In addition to that, the pace of hiring also increased. A gauge of gross hiring, which includes hiring as well as layoffs or quits, jumped 46,000 up to 4.4 million. However, figure is slightly lower than in the same month a year ago.
Earlier this month data showed that payrolls rose by 195,000 workers for a second month in a row, outpacing analysts' expectations for a 165,000 gain. The unemployment rate stayed at 7.6%, while hourly earnings in the year ended in June soared the most since July 2011. At the same time, private payrolls, which exclude government agencies, jumped 202,000 last month, after a 207,000 increase recorded in the prior month. The latest data is putting the labour market in the sharper focus, as Fed's Chairman considers it as a primary measure of economic health.
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