May Job Openings Post Surprise Gain as Markets Await Nonfarm Payrolls Data

03:11 PM EDT, 07/01/2025 (MT Newswires) -- US job openings unexpectedly rose in May, government data showed Tuesday, as markets await a key employment report to be released later this week.

Vacancies increased to about 7.77 million as of the last day of May from 7.4 million the month before, according to the Bureau of Labor Statistics' job openings and labor turnover survey. The consensus was for a 7.3 million level in a survey compiled by Bloomberg.

"The labor market is still tight," BMO Senior Economist Jennifer Lee said in a report published Tuesday. The latest JOLTS data imply 1.07 jobs per unemployed individual, according to the report.

Government data are expected to show Thursday that the US economy added 120,000 nonfarm jobs last month, compared with a 139,000 gain reported for May, according to a Bloomberg poll.

Goldman Sachs expects an 85,000 print for June. The brokerage forecasts payroll growth to slow from its three-month average of about 135,000 because "big data indicators were soft," it said in a note to clients e-mailed Tuesday. Goldman said it expects the end of worker strikes to help partly offset losses in certain other segments.

UBS Securities recently said employment gains in the US are likely to slow down in June sequentially, though not enough to put pressure on the Federal Reserve to ease monetary policy at its next meeting.

Total private job openings rose to 6.94 million in May from 6.56 million the month prior, BLS data showed Tuesday. Vacancies increased by 279,000 in leisure and hospitality, leading the gains.

Job separations, which include quits and layoffs, decreased to 5.24 million in May from 5.31 million in April. Layoffs and discharges fell to 1.6 million from 1.79 million. Layoffs dropped by 78,000 in professional and business services and by 48,000 in financial activities.

Quits rose to 3.29 million from 3.22 million, led by the trade, transportation and utilities industry, according to the survey.

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