Job openings in the United States fell in April to the lowest level in more than three years, in line with a gradual slowdown in the labor market.
Available jobs fell to 8.06 million, down from a downwardly revised 8.36 million the previous month, the Bureau of Labor Statistics (JOLTS) Job Offerings and Labor Turnover Survey. The figure was below all estimates in a Bloomberg survey of economists.
The decline contributed to lowering a ratio closely monitored by the Federal Reserve – the number of vacancies per unemployed worker – at the lowest level in almost three years.
The setback was quite widespread. Vacancies in the healthcare sector fell to their lowest level in three years, while those in the manufacturing sector fell to their lowest level since late 2020. Demand for public jobs also weakened.
Vacancies in accommodation and food services also decreased, possibly reflecting higher minimum wage requirements. California. Hiring in that sector fell to its lowest level since the start of the pandemic.
The latest data indicates that the labor market is cooling, but it has been gradually through slower hiring rather than job cuts. The officials of the Federal Reserve They hope this trend will continue to curb demand and control inflation without leaving millions of people out of work.
Both the hiring and firing rates remained unchanged. Although layoffs remain historically low, hiring has slowed, suggesting companies are comfortable with their staffing levels to meet demand.
The so-called resignation rate, which measures people who voluntarily leave their jobs, remained at the lowest level since 2020. The recent decline could indicate that people are holding on to their current jobs because they feel less confident in their abilities. to find a new position.
The vacancy-to-unemployment ratio dropped to 1.2, the lowest since June 2021. This figure, which Federal Reserve officials are paying close attention to, has fallen substantially over the past year. At its peak in 2022, the ratio was 2 to 1.
The data precedes Friday’s monthly jobs report, which is expected to show that USA added 185,000 jobs in May, while the unemployment rate remained stable.
Some economists have questioned the reliability of the statistics JOLTSin part due to the survey’s low response rate.
(c) 2024, Bloomberg · Jarrell Dillard ·
