In April, the number of job openings climbed back above ten million.
According to the Bureau of Labor Statistics (BLS), job openings increased to 10.103 million, up from an upwardly revised 9.745 million. This beat the consensus estimate of 9.375 million.
Job quits maintained its downward trend, coming in at 3.793 million, down from 3.842 million.
This should set up an interesting April non-farm payrolls report.
Economists expect the U.S. economy added 190,000 new jobs in May. But this really means that the country will have added 390,000 jobs based on the trends of the last 15 months.
Meanwhile, the Challenger Job cuts are expected to show 92,000 layoffs, the ADP employment change is forecast to report 170,000 new jobs, and initial jobless claims are projected to rise to 235,000.
Suffice it to say, the Federal Reserve’s rate hikes are not doing much to impact the labor market.
Leave a Comment