The jobs market still favors workers, despite fears of an economic slowdown

Workers looking for new jobs have plenty of options, despite recent layoffs and hiring slowdowns in key parts of the economy.

There were 11.3 million open jobs at the end of May, the Bureau of Labor Statistics reported Wednesday.

Layoff rates are at historic lows. In contrast, the rate of workers who are quitting their jobs remains near historic highs, despite falling slightly from their peak in March. Because there are so many available jobs — nearly two for every person who’s unemployed — employers are keen to hold on to workers they already have. Some have offered pay raises to attract or retain workers, especially as inflation causes prices to rise.