The latest Job Openings and Labor Turnover Survey (JOLTS) showed that job openings contracted to 8.059 million in April, coming in well below estimates, while March’s openings also saw a significant revision lower from 8.488 million to 8.355 million. The hiring rate and quit rate both held steady at 3.6% and 2.2%, respectively.
What’s the bottom line? Job openings have reached their lowest level since February 2021 and are now well below the high of 12 million hit in 2022. Plus, the quit rate has also fallen over the last year, suggesting there is less poaching from other companies and fewer people feel confident about finding new employment. Overall, this data is another sign that weakness is building in the labor sector.