The U.S. Bureau of Labor Statistics released its State Job Openings and Labor Turnover Summary this week. The news reported that job openings in May increased in 6 states and decreased in 1. The remaining 43 states and D.C. remained largely unchanged. California (+90,000) and New York (+45,000) led the way in job openings, while Texas decreased 76,000.
More important than job openings, is the hiring results. Here we see that only 3 states (North Dakota, Michigan, and New York), increased hiring rates. 46 states remained largely unchanged, while Louisiana decreased hiring rates.
We see a similar pattern for separations, as 3 states increased, and 1 decreased. Total separations are up over March and April in May, but down from May of 2023. Separation results in full can be seen here.
What Does it All Mean?
The data does not suggest any major waves in any one particular direction. While the job market remains stagnant, many continue to search for a job for months on end. It may be a difficult time to quit your job with the way the job market is performing (but it’s never a bad time to increase your financial literacy). Financial stability is important in the ambiguous market, while employers remain cautious while the economy fully recovers. Our recommendation is to build a strong budget and build your wealth responsibly. Many will recommend investing in meme stocks and cryptocurrency, and while there is some credit to making investments regardless of your situation, you should be cautious.
