Fewer workers are quitting and labor market remains strong
According to the US Bureau of Labor Statistics, seasonally adjusted data released today reveals that job openings in April surpassed those in March, reaching their peak since January. Conversely, separations, including both quits and layoffs, decreased in April compared to March and reached their lowest levels since 2021.
ABC News reported that the unexpected surge in job openings highlights the robustness of the US labor market. Nick Bunker, research director at the Indeed Hiring Lab, stated, “Demand for workers remains strong, and the labor market continues to perform well.”
In April, the US witnessed a total of 10.1 million job openings, reflecting an increase of 358,000 positions from March. However, when compared to the same month last year, there were 1.65 million fewer job openings.
The sectors experiencing growth in job openings were retail trade, healthcare and social assistance, as well as transportation, warehousing, and utilities.
Total separations declined by 4.8% in April compared to March, with a year-over-year decrease of 7.6%. These figures marked the lowest level since May 2021. Separations encompass both voluntary resignations (quits) and layoffs or discharges.
In April, quits amounted to nearly 3.8 million, representing the lowest level since March 2021. This indicated a decrease of 49,000 from the previous month and 704,000 from the previous year.
Meanwhile, layoffs and discharges in April totaled 1.58 million, indicating a decline of 264,000 from March. However, the number of layoffs and discharges increased by 239,000 compared to the previous year.
