Job openings are up and employers are holding onto the employees that they have. Job openings rose 0.5 percent in May to a record 5.363 million vs 5.334 million in April which was revised downward from an initial record reading of 5.376 million. The separations rate dipped 2 tenths to 3.3 percent with the quits rate unchanged at 1.9 percent but with the layoff rate down 1 tenth to 1.2 percent. The hiring rate also dipped 1 tenth to 3.5 percent perhaps reflecting the increasing difficultly of finding qualified employees.

Payroll growth has been slow this year but openings are up and unemployment is low. Wage pressures have been subdued by that could change if payrolls start showing some momentum.