Job openings in the United States decreased by 455,000 to 11.4 million at the end of April, according to the U.S. Bureau of Labor Statistics' latest Job Openings and Labor Turnover Summary (JOLTS) that was released on Wednesday.
There was a record high of 11.9 million job openings in March, according to The New York Times. In April, 6.6 million people were hired, while there was also 6 million separations, which includes quits, layoffs and discharges, and other separations.
Quits accounted for 4.4 million of the 6 million separations in April, as the rate remained unchanged at 2.9% compared to March. The most quits came from real estate, rental, and leasing jobs with 37,000 in April, while quits decreased by 19,000 in state and local government education jobs.
Layoffs in April were down to a low of 1.2 million, and the rate saw little change at just 0.8% compared to the previous month.
The job openings that decreased the most in April included "health care and social assistance (-266,000), retail trade (-162,000), and accommodation and food services (-113,000)."
On the other hand, openings in transportation, warehousing, and utilities increased by 97,000 in April. Openings in nondurable goods manufacturing saw an increase of 67,000 and durable goods manufacturing openings went up by 53,000 as well.
The Federal Reserve Bank of Atlanta's wage growth tracker noted that wages increased by 6% in March compared to 2021 and remained at the higher level in April.
Overall, the job openings rate fell by 0.3 percentage points to 7% from March to April. There was a 5.6 million gap in March between the number of job openings and available workers, but that gap is now down to 5.46 million, according to CNBC.
Robert Frick, corporate economist at Navy Federal Credit Union, said that the JOLTS report indicates that there will be another positive employment report released at the end of the week.
"April's JOLTS report shows the jobs market remains squeaky tight, with near-record job openings and layoffs hitting a record low," Frick told CNBC. "This almost guarantees another healthy employment report on Friday and means employers' focus is on expansion despite high inflation and pending higher interest rates."
Related
Related
