According to the Business Intelligence Brief (Armada), JOLTS data looked bad in May. “JOLTS” stands for Job Openings and Labor Turnover Survey.

“Everything in the labor sector looked bad in May and there is  some expectation  that  there will be better news  from  JOLTS  from June.

The May data showed a drastic  reduction  in  the  number  of  jobs  available  and  a  corresponding  decline  in  the  number  of  quits.  The willingness of people to quit their job and seek a new one is a good indicator of confidence in the labor situation and the latest reading would suggest that there is far less confidence than there has been.”