April JOLTS: Labor demand holds up, while turnover remains subdued

Wells Fargo Research Team Wells Fargo

Summary

A rise in job openings at the end of April shows labor demand is far from collapsing in the wake of policy uncertainty, but the modest gain still leaves openings declining on trend. Turnover remains subdued as businesses await more clarity on the outlook and workers await more job opportunities. The quit rate edged back down in April and suggests upward pressure on employment costs should remain tepid despite consumers' renewed concerns of inflation.

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Wells Fargo Research Team

Wells Fargo

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