US: Job openings slip in May - Wells Fargo

Analysts from Wells Fargo, point out that hiring picked up in May, as did quits. They added that increasing turnover has yet to put much upward pressure on wages.

Key Quotes: 

“Job openings dropped by 301,000 in May after rising to its second-highest level in April, which was revised down slightly to 5.97 million. Openings dropped across industry groups but most followed an even larger jump in April. Every industry but arts & entertainment saw hiring increase in May, and quits also rose nearly across the board.”

“The quit rate returned to its cycle-high 2.2 percent after dipping in April. We look to this figure to gauge workers’ willingness to leave current positions in search of higher wages. Coupled with increased hiring across sectors, the equally broad-based increase in the quit rate should bode well for wage gains. Wage growth remained elusive in the June payroll report. However, average hourly earnings continued to trend lower on a year-to-year basis.”