UPDATE 1-US May job openings dip but hiring near 2-yr high

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WASHINGTON, July 13 (BestGrowthStock) – U.S. job openings slipped
in May, but the the hiring rate climbed to the highest level in
nearly two years, government data showed on Tuesday.

Analysts said although the rise in the hiring rate — the
number of hires as a percentage of total employment —
reflected temporary census workers, the overall data was
consistent with a gradual labor market improvement.

“The positive thing is job openings in general have been
trending higher since February, even though they dipped in May.
It confirms that the labor market has bottomed, there are some
new jobs (being created),” said Harm Bandholz, chief US
Economist at UniCredit Research in New York.

Job openings, a measure of labor demand, dipped to 3.21
million from 3.30 million in April, the Labor Department said
in its monthly Job Openings and Labor Turnover Survey.

The job openings rate, a gauge of how many jobs were still
open at the end of the month, eased to 2.4 percent from 2.5
percent in April.

But hirings rose to 4.50 million from 4.29 million, lifting
the rate of hiring to 3.4 percent — the highest since August
2008 — from 3.3 percent in April.

Despite the slip in May, job openings have risen 37 percent
from a low of 2.3 million in July last year. Still, they remain
below their pre-recession levels.

Temporary hiring for the decennial census lifted nonfarm
payrolls to 433,000 in May, with the private sector adding only
33,000 jobs. Payrolls, however, dropped 125,000 in June as the
bulk of the census jobs ended.

Tuesday’s report showed companies are still laying off
workers, although not at the same pace as last year. In May,
there were 1.87 million layoffs, up from 1.76 million in April.
The bulk of the layoffs in May were from the private sector,
with the government accounting for only 157,000.

Analysts said the layoffs helped to explain the sticky
initial jobless claims, which remain above levels usually
associated with sustainable job growth.
(Reporting by Lucia Mutikani; Editing by Dan Grebler)

UPDATE 1-US May job openings dip but hiring near 2-yr high