US job openings increased slightly in April, indicating a dimming economic outlook and household spending.
Data from the Bureau of Labor Statistics showed 7.39 million jobs open at the end of April, an increase from the 7.2 million seen the month prior, contrary to expectations for a decline to 7.11 million.
The data indicated that the rate of job creation in the world's largest economy rose slightly to 4.4% from 4.3% in March.
The Job Openings and Labor Turnover Survey (JOLTS) also showed that 5.57 million hires were made during the month, up slightly from the 5.4 million made during March. The hiring rate ticked up to 3.5% from 3.4%.
The number of job quittings —including resignations, layoffs, and terminations—rose to 5.3 million from 5.2 million in March, but the rate remained steady at 3.3% for the fourth consecutive month, the date added.
US job creation remains high compared to historical averages but has declined sharply since peaking in March 2022, when the economy created 12.1 million jobs.
This suggests continued strength in the labor market despite the Federal Reserve's monetary tightening in 2022 and 2023 to curb inflation. However, weak job growth may indicate the economy is losing some momentum.
AI Summary
Comments Analysis: