WASHINGTON (AP) - Job openings stayed close to a 15-year high in May. It's a sign that companies are expecting continued economic growth, but the level of advertised jobs hasn't driven the same kind of increase in actual hiring.
The Labor Department said Tuesday that the number of open jobs rose 0.5 percent to 5.36 million in May. April's total was revised down to 5.33 million from 5.38 million, which had been the highest total during the 15 years the government has tracked the data
The stronger confidence among employers has yet to boost an even stronger level of hiring and pay raises that would fuel faster economic growth. The number of new hires slipped somewhat in May for the second straight month, while the number of workers who chose to leave their jobs - a sign of strength since quits are generally associated with people finding better jobs - was basically unchanged.
The challenge may be that employers are struggling to find skilled workers at the salaries being offered. However, they also may be hesitant to increase pay to attract more talented applicants. Companies could be vetting applicants more carefully, causing a lag between job postings and hiring.
"Measures of job turnover, which tend to lead wage acceleration, were disappointing," said Jeremy Schwartz, an analyst at Credit Suisse. Hiring and job quits "have generally been stagnant since last autumn."
The rate of workers quitting remains 9.2 percent lower than it was in 2007, shortly before the Great Recession started, according to the Economic Policy Institute, a liberal think tank.