U.S. job openings fell in April to the lowest level since 2021, according to the Associated Press, but they remained at historically strong levels despite high interest rates and signs the economy is slowing.
The Labor Department reported today that employers posted 8.1 million vacancies in April, down from a revised 8.4 million in March. The March figures had originally come in at 8.5 million.
Still, layoffs fell, and the number of Americans quitting their jobs — a sign of confidence in their prospects — rose in April.
Monthly job openings have come down steadily from a peak of 12.2 million in March 2022 — as the economy’s recovery from COVID-19 lockdowns left companies desperate for workers — but they remain at a high level. Before 2021, they never topped 8 million — a threshold they have now reached for 38 straight months.
The high level of job openings reflects a surprisingly strong U.S. labor market.
Fed policymakers likely welcome lower job openings — a relatively painless way to cool a hot job market and reduce pressure on companies to raise wages, which can feed inflation.
