Job openings unexpectedly picked up in May as investors had been watching for further signs of cooling in the labor market after last month's data showed open jobs in the US fell to a three-year low.

New data from the Bureau of Labor Statistics released Tuesday showed there were 8.14 million jobs open at the end of May, an increase from the 7.92 million job openings in April.

April's figure was revised lower from the 8.06 million open jobs initially reported. Economists surveyed by Bloomberg had expected the report to show 7.95 million openings in May.

The data come as the labor market has moved into closer focus over the past several weeks. Rising weekly jobless claims and a steady uptick in the unemployment rate have economists wary that cracks may be forming underneath what's otherwise been viewed as a strong labor market.

But Tuesday's data did little to show that the outcome is rapidly approaching.

The Job Openings and Labor Turnover Survey (JOLTS) also showed 5.8 million hires were made during the month, a slight uptick from April. The hiring rate held at 3.6%, unchanged from April. Also, in Tuesday's report, the quits rate, a sign of confidence among workers, held steady at 2.2%.

Meanwhile, the ratio of job openings to unemployed workers held steady at 1.2, in line with its pre-pandemic levels, supporting the idea that the labor market appears to be normalizing rather than fully chilling off for now.

In a speech on June 24, San Francisco Fed President Mary Daly noted that the labor market is moving toward a point where a "benign" slowing outcome could be less likely. Daly highlighted that further declines in job openings would likely come with an increase in the unemployment rate.

At least in May's data, that fear wasn't fueled as the job openings rate ticked higher to 4.9% from 4.8% the month prior.

"At this point, inflation is not the only risk we face," Daly said. "We will need to keep our eyes on both sides of our mandate — inflation and full employment — as we work to achieve our goals."

Friday will bring the next major labor market update with the closely followed nonfarm payroll report from the Bureau of Labor Statistics.

The report is expected to show that 195,000 nonfarm payroll jobs were added to the US economy in June, with unemployment holding steady at 4%, according to data from Bloomberg.

Bank of America US economist Michael Gapen reasoned a report along these lines would continue to show a labor market that is "cooling but not cool."

Josh Schafer is a reporter for Yahoo Finance. Follow him on X @_joshschafer.

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