JOLTS: Job Openings & Hiring Increase in April

Job openings rose 191,000 (-3.0% y/y) during April to 7.391 million after falling 280,000 in March, revised from down 288,000, according to the Job Openings and Labor Turnover Survey. The job openings rate rose to 4.4% in April from 4.3% in March. The April figure was below a high of 7.4% reached in March 2022. This rate is calculated as the ratio of job openings to total nonfarm employment plus openings.

Private sector openings rose 202,000 (-3.3% y/y) to 6.544 million in April from 6.342 million in March. The April increase was led by a 171,000 increase (10.2% y/y) in professional & business services which followed an 87,000 March decline. Private educational & health services openings increased 115,000 (-8.0% y/y) after falling 58,000 in March. Trade, transportation & utilities openings rose 54,000 (10.3% y/y) after holding steady. Elsewhere, job openings declined. Manufacturing openings were off 16,000 (-22.4% y/y) during April, the sixth decline in seven months. Leisure & hospitality openings fell 92,000 (-16.7% y/y), the fourth consecutive monthly drop and government job openings declined 11,000 (0.9% y/y).

Total hiring increased 169,000 (-0.2% y/y) to 5.573 million in April after rising 34,000 in March. Private sector hiring rose 160,000 to 5.15 million, the largest of five straight gains. Professional & business sector hiring increased 69,000 (8.4% y/y) after declining 14,000 in March. Construction sector hiring rose 42,000 (6.1% y/y) and reversed a 41,000 March decline. Hiring in leisure and hospitality increased 112,000 (5.4% y/y) following a 31,000 gain. Private educational & health services hiring rose 30,000 (-8.9% y/y) after a 25,000 gain. Declining was finance hiring which was off 32,000 (+10.4% y/y) after rising 27,000 in March. Total government hiring rose 9,000 (0.8% y/y) after slight declines in each of the prior three months. The total hiring rate of 3.5% compared to 3.4% in each of the prior four months. The private hiring rate edged up to 3.8% in April after six months at 3.7%.

Total job separations rose 105,000 (-1.9% y/y) to 5.288 million in April. Quits declined 150,000 (-6.4% y/y) to 3.194 million. Quits are voluntary separations initiated by the employee and are often viewed as an indicator of workers’ willingness to leave jobs for other opportunities. Private quits declined 148,000 (-5.7% y/y) following a 105,000 March increase. Quits declined 123,000 (-16.3% y/y) in trade, transportation & utilities and were off 29,000 (+5.0% y/y) in professional & business services. Layoffs (separations initiated by the employer) increased 196,000 (12.5% y/y) to 1.786 million in April led by an 82,000 increase (42.5% y/y) in professional & business services and a 57,000 increase (4.5% y/y) in the leisure & hospitality sector. Government layoffs declined 24,000 (-7.3% y/y).

The Job Openings and Labor Turnover Survey (JOLTS) data are available in Haver’s USECON database.

Economic Outlook by Fed Governor Lisa D. Cook is available here.