US job openings rise to 8.1 million despite higher interest rates WFTV [Video]

WASHINGTON — (AP) — U.S. job openings rose slightly to 8.1 million in May despite the impact of higher interest rates intended to cool the labor market.

Vacancies rose from a revised 7.9 million in April, the first reading below 8 million since February 2021, the Labor Department reported Tuesday. April openings were marked down from an originally reported 8.1 million.

Layoffs rose to 1.65 million in May from 1.54 million in April. The number of Americans quitting their jobs — a sign of confidence in their prospects — was basically unchanged.

“The report was another sign that the labor market is holding firm … The expansion looks solid,’’ said Robert Frick, economist at the Navy Federal Credit Union.

The U.S. economy and job markethave been remarkably resilient in the face of the Federal Reserve’s campaign to raise interest rates to rein in inflation. The Fed hiked its benchmark rate 11 times in 2022 and 2023, lifting it to a 23-year …