Job Openings Fall More Than Expected in April
The number of job openings fell more than expected in April, according to the Bureau of Labor Statistics. Job openings fell to 8.1 million on the last business day of April, down from 8.5 million in March and the lowest level since February 2021.
Swing & A Miss: Experts had predicted a smaller decline to 8.4 million. The larger-than-expected drop suggests a cooling in the labor market.
Enhance:
- Health Care and Social Assistance: Job openings decreased by 204,000.
- State and Local Government Education: Decreased by 59,000.
- Private Educational Services: Increased by 50,000.
Total Separations Hold: Total separations, which include quits, layoffs, and discharges, remained steady at 5.4 million in April.
- Quits: Despite the drop in job openings, the number of quits rose to 3.5 million from 3.4 million in March. Economists had projected quits to fall to 3.2 million, which would have been the lowest level since early 2021.
What They’re Saying: Ben Casselman of the New York Times noted on Twitter that noted on Twitter that the 8.1 million openings is still high by historical standards but they are “falling ‘rapidly’ back toward normal. In fact, if we look at the job openings rate, we’re no longer at a prepandemic record. (Now tied with Jan. 2019.)”
