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2w ago

U.S. Job Openings Unexpectedly Rise to 7.4 Million as Layoffs Tick Up

Companies are grappling with sudden policy swings after a trade court blocked key tariffs only for a federal appeals court to temporarily reinstate them.

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Economists were expecting that the number of job openings — a closely watched gauge of labor market demand — would fall for the third consecutive month.
A "We're Hiring" sign advertising jobs is seen at the entrance of a restaurant in Miami, Florida, U.S., May 18, 2020. REUTERS/Marco Bello/File Photo

Overview

  • Economists had forecast vacancies to fall to about 7.1 million, but April’s Job Openings and Labor Turnover Survey showed an increase of roughly 200,000 positions to 7.4 million.
  • Layoffs rose to 1.79 million last month while hiring climbed to 5.57 million, signaling uneven momentum in labor demand.
  • The quits rate declined, suggesting a pullback in voluntary departures despite tight market conditions.
  • Forecasters expect nonfarm payroll growth to slow to around 130,000 in May with the unemployment rate holding near 4.2 percent.
  • Businesses warn that the on-again, off-again tariff implementation has hindered planning, reflecting uncertainty over President Trump’s import duties.