Good News For The Fed? Job Openings (JOLTS) Plunge To Lowest Level Since February 2021!


US job openings fell in April to the lowest level since February 2021, showing further signs that the labor market is slowing from a hiring surge that took place after the US economy reopened after the pandemic.

New data from the Bureau of Labor Statistics released on Tuesday showed there were 8.06 million job openings at the end of April, down from 8.35 million job openings in March.

The March figure was revised downward from the 8.48 million job openings initially reported. Economists polled by Bloomberg had expected the report to show 8.35 million openings in April.

The Job Openings and Labor Attainment Survey (JOLTS) also showed 5.6 million hires were made during the month, little changed from March.

The hiring rate remained at 3.6%, unchanged from March. Enshrined in Tuesday's report, the quit rate, a sign of confidence among workers, remained steady at 2.2%.

Investors have been watching the JOLTS report, along with other key labor market data, for signs that slowing labor demand could help ease inflationary pressures, strengthening the impetus for the Federal Reserve to begin lowering interest rates from their highest levels in 23 years.

The report kicks off the week for labor market data, which will also include updates on private sector hiring and wage growth from ADP on Wednesday, jobless claims on Thursday, and the May jobs report on Friday.

The May jobs report is expected to show 185,000 non-farm jobs were added to the US economy last month with the unemployment rate holding steady at 3.9%, based on data from Bloomberg.

In April, the US economy added 175,000 jobs while the unemployment rate rose by 0.1% to 3.9%.