Job openings in U.S. fall to three-year low as labor market cools

[Aquaman]

Demand for new workers drops to lowest level since 2021

 

 

The numbers: The number of job openings in the U.S. sank in April to a more than three-year low of 8.1 million, another sign the labor market is cooling off as the economy slows.

Job postings declined from 8.4 million in March.

New openings have fallen from a record 12 million in 2022 and are now at the lowest level since early 2021.

Job listings are still higher than before the pandemic. They were tracking at just under 7 million before the COVID-19 outbreak.

Many openings are never actually filled, but the trend in job postings provides clues about the health of the labor market and the broader economy.

The number of people quitting jobs, meanwhile, rose slightly to 3.5 million from a three-year low of 3.4 million in the prior month, the Labor Department said Tuesday.

 

Fewer people quitting is another sign of slackening demand for labor.

Key details: Some 5.6 million people were hired in April, slightly more than in the prior month. Some 5.4 million people lost jobs in the same month.

Typically, millions of people lose and gain jobs in every month in the huge U.S. economy, in which roughly 160 million people are employed.

The number of job openings for each unemployed worker slipped to 1.24 from 1.3 in March.

Flash Sale

Don't miss this exclusive sale offer to make the most of your money with personalized financial insight from MarketWatch.

SUBSCRIBE NOW: 50¢ PER WEEK

The ratio is down from a peak of 2.0 in 2022 — when labor was in short supply — and is basically back to prepandemic levels. Federal Reserve officials have been watching the ratio closely to gauge the strength of the labor market.

The U.S. is forecast to add 190,000 new jobs in April. The jobs report comes out on Friday.

Big picture: Demand for labor has cooled off from very high levels, but plenty of companies are still hiring.

The Fed would like to see hiring slow even further to help ease upward pressure on inflation. The economy is still adding far more jobs each month than the number of people entering the labor force.

Looking ahead: The decline in job openings this year shows “labor demand is cooling at a faster pace,” economist Ali Jaffery of CIBC Economics wrote in a report.

“That is more encouraging news for the Fed, as it portends softer wage pressure down the road. But the Fed will still need to see continued progress on the inflation front to feel confident about policy easing this year,” Jaffery said.

[Sreeven]

Already walmart and target reducing prices..jobs kuda pothe inka market dhamal emo

[Sreeven]

Andukeno biden EO release chesadu on illegal immigrants..on all 3 entries max 2500 per day ani

[Aquaman]

7 minutes ago, Sreeven said:

Already walmart and target reducing prices..jobs kuda pothe inka market dhamal emo

f*** all these politics lolli... looks like jobs, layoffs situation is getting scary @csrcsr