CNN
—
The number of available jobs in the US unexpectedly increased in April, signaling a potential undercurrent of strength in the labor market despite broader economic uncertainty.
Job openings totaled an estimated 7.39 million at the end of April, up from 7.2 million in March, according to new data released Tuesday by the Bureau of Labor Statistics.
The monthly Job Openings and Labor Turnover Survey showed how the US labor market — job openings, hires, quits and separations such as layoffs — is adapting as President Donald Trump’s sweeping (and frequently shifting) policy actions kicked into higher gear in April, rattling consumers, businesses and investors alike and reigniting recession fears.
Economists were expecting that job openings — a measurement of labor market demand — would fall for the third consecutive month to 7.1 million, according to FactSet consensus estimates.
In addition to posting more jobs, employers brought more people on board: Hiring activity increased to its highest rate in seven months, and the number of estimated hires (5.57 million) was the highest in nearly a year, BLS data shows.
However, despite the upticks in openings and hires, Tuesday’s report also contained some concerning indicators, notably a sharp increase in layoffs and discharges.
The number of estimated layoffs leapt higher by nearly 200,000 to 1.786 million, reversing a similarly sized dip seen in March. The rate of layoffs as a percentage of total employment, however, remains below pre-pandemic averages.
The closely watched “quits rate,” which serves as both a gauge of employee confidence as well as an indicator of future wage growth, was 2% in April, remaining above historical averages. The level of quits dropped to 3.194 million, the lowest rate seen this year.
Tuesday’s data is the first in a series of critically important economic metrics released this week about the US labor market, culminating with the Friday jobs report.
This story is developing and will be updated.
