The number of available positions rose to 5.4 million during the month from 5 million in April, according to the Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS, released Tuesday. The median forecast in a Bloomberg survey of economists called for 4.5 million openings. Job openings that involve workers recalled from layoffs or positions that are only offered internally are not counted in the figure. The increase in job openings was concentrated in accommodation and food services, retail, and construction. Separations, which include layoffs and quits, plummeted by 5.83 million in May. The rate of layoffs and discharges dropped to 1.4% from 5.9% in April and closer to the pre-pandemic rate of 1.2%. The number of hires, which does include rehired employees, surged a record 2.44 million to an all-time high of 6.5 million. The hires rate jumped to an unprecedented 4.9% from 3.1%. Finding work remains incredibly challenging for the jobless. There were 3.9 unemployed workers competing for every job opening in May. That underscores the current slack in the labor market and stands in stark contrast to a two-year trend in which vacancies exceeded the number of unemployed. source