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IMF

U.S. official tapped as top IMF deputy

The new chief of the International Monetary Fund has appointed a senior White House official to be her top deputy.

Christine Lagarde on Tuesday selected David Lipton to be the first deputy managing director. Mr. Lipton, 57, currently is senior director for international economic affairs in the National Security Council.

The appointment continues the practice of having an American in the No. 2 position, along with a European in the top spot.

Miss Lagarde also appointed Min Zhu, a former deputy governor of China’s central bank, to the position of deputy managing director. The appointment is intended to appease developing countries, which have long pushed for a greater voice at the international lending organization.

EMPLOYMENT

Job openings flat in May, a sign of slow hiring

It’s shaping up to be a long, tough summer for job seekers: The number of job postings didn’t increase in May, the latest sign that hiring is unlikely to pick up anytime soon.

Employers advertised nearly 3 million job openings, the Labor Department said Tuesday. That is the same amount as in April and down from 3.1 million in March.

May’s figure is higher than the 2.1 million job openings posted in July 2009, one month after the recession ended and the lowest total since the government began recording the data a decade ago. But it is also significantly below the 4.4 million openings recorded in December 2007, when the recession began.

There’s heavy competition for each opening. In May, nearly 14 million people were out of work. So, roughly 4.7 unemployed people, on average, competed for each available job. In a healthy economy, the ratio is about 2 to 1.

The report, known as the Job Openings and Labor Turnover survey, doesn’t include temporary or contract positions.

FEDERAL RESERVE

More stimulus debated as economy weakens

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