Mixed Signals of Current Job Market
📉 Layoffs cool down: Layoffs decreased by 86,000 to 1.5 million, showing signs of stabilization.
📈 People quitting increasing: The number of people quitting their jobs rose slightly to 3.5 million, indicating mixed signals in worker confidence.
📊 Job openings down: The number of job openings fell by nearly 300,000 to 8 million, continuing a downward trend.
According to the latest JOLTS report by the U.S. Bureau of Labor Statistics, job openings fell by nearly 300,000 in April to 8 million, marking a continued downward trend. This aligns with the overall decline in online job postings across the U.S., indicating a cooling jobs market. Notably, job openings have remained below 9 million for six consecutive months since hitting 9.3 million in September 2023.
Despite this, the number of people quitting their jobs—a sign of worker confidence—rose slightly to 3.5 million. Layoffs also decreased by 86,000 to 1.5 million, reflecting low levels of weekly unemployment claims.
Justin Ladner, senior labor economist at SHRM, notes signs of stabilization in the labor market, moving towards a stable equilibrium with strong labor demand and healthy turnover rates.
The mixed signals in the current economy show both a cooling job market and signs of stabilization.
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