U.S. job openings fall somewhat in April, in line with slowdown in hiring

Job openings in the U.S. are in line with deceleration in hiring. In April, job openings dropped in April and have plateaued since last year. While openings and quits remain elevated, the leveling off corroborates Friday’s report of more modest rebound in the labor market.

Job openings dropped in April, while openings in March were downwardly revised. In all, job openings continued to be elevated at 4.7 percent of employment, but the opening rate has moved sideways in the past year, noted Wells Fargo in a research report. The lack of rebound in job openings indicates towards demand for labor leveling off and implies that the deceleration in hiring evidenced in Friday’s payroll report was not a blip.

While the report released today is in line with some easing in hiring, the labor market is hardly falling off the rails. The NFIB small business survey indicated that hiring plans rose again in May, although they continue to be off the levels seen late last year.

“The share of employees voluntarily leaving a job—a sign of workers’ confidence in the jobs market—was unchanged at 2.3 percent, but has been hard pressed to break above this mark over the past year”, said Wells Fargo.

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