Job openings unexpectedly rose in April, defying economists’ forecasts of a decline to a nearly four-year low, according to the latest Job Openings and Labor Turnover Survey (JOLTS) report.
- Job openings rose to 7.59 million in April, surpassing economists’ expectations of a drop to around 7.05 million—the lowest level since December 2020.
- That’s an increase from the revised March figure of 7.44 million openings. The rate of job openings increased slightly to 4.7%, up from 4.6% the previous month.
Yes, but: Other indicators suggest the labor market is gradually cooling as more workers seem to be staying put.
- Quits declined to 3.29 million, down from 3.40 million in March. This is notable as quitting is often interpreted as workers’ confidence in finding new opportunities.
- Total separations—which include quits, layoffs, and retirements—also dropped modestly to 5.55 million from 5.59 million, indicating less churn in the workforce.
What they’re saying: Nick Timiraos at the Wall Street Journal noted on Twitter the openings continue to gradually slow but remain near pre-pandemic highs. “Job openings continue to grind lower, but not in any spectacular fashion. There were fewer than 7.4 million job openings, on average, over the three months ended April. This is the lowest in the post-pandemic recovery but still near the highs seen before the pandemic.”
Bottom Line: April’s report captures a labor market still humming—but increasingly cautious beneath the headline numbers.