US job openings hit three-year low in April
By Alexander Bueso
Date: Tuesday 04 Jun 2024
(Sharecast News) - US companies advertised fewer positions still in April, a possible reflection of the ongoing cooldown in the demand for labour.
According to the Department of Labor, in seasonally adjusted term the number of job openings declined by 3.5% month-on-month to reach nearly 8.06m (consensus: 8.34m).
Furthermore, the prior month's reading was revised lower from 8.488m to 8.355m.
The number of so-called 'quits' increased by 2.9% month-on-month to reach 3.507m, but as a proportion of all separations they were unchanged at 2.2%.
Quits are voluntary separations by workers from their positions and increases are thought to imply greater confidence in the prospect of finding alternate employment.
Hiring meanwhile was up by 0.4% versus March at 5.64m.
"The Federal Reserve will welcome signs of cooler labor market conditions, but the JOLTS data don't change our view that the Fed will be content to keep interest rates at current levels until September," said Nancy Vanden Houten, lead US economist at Oxford Economics, in response to the latest figures.
"The labor market remains healthy enough to allow Fed policy decisions to be primarily guided by readings on inflation."
-- More to follow --
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