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.”