In May, the number of non-farm job openings in the U.S. was 8.14 million, which actually increased compared to the previous quarter.

Because the demand for new employment was higher than the number of employed people during the period, the result was that although there were 230,000 new non-farm jobs in May, after filling the positions, the number of vacancies actually increased.

In fact, the problem in May was that the industries with relatively large increases in job demand were almost entirely from the government sector. In the non-farm corporate sector, due to a significant decrease in vacancies in the food service and accommodation industries, the increase in employment demand for the entire corporate sector was only 40,000, which is not optimistic.

Therefore, although the number of vacancies increased in May, the quality of the increase was not high. It can still be relatively certain that the U.S. labor supply and demand has fundamentally returned to pre-pandemic levels, and the supply-demand situation has normalized.