US: Lack of improvement in job openings - Wells Fargo

The JOLTS report released today showed data consistent with a slowdown in hiring, explained analysts at Wells Fargo.

Key Quotes: 

“Job openings ticked down in April and have plateaued since last year. While openings and quits remain elevated, the leveling off corroborates Friday’s report of more modest improvement in the labor market.”

“Job openings edged lower in April, while openings in March were revised down slightly. Overall, job openings remain elevated at 4.7% of employment, but the opening rate has moved
sideways over the past year.”

While today’s report is consistent with some cooling in hiring, the labor market is hardly falling off the rails. The NFIB small business survey showed hiring plans edged up again in May, although they remain 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%, but has been hard pressed to break above this mark over the past year.”

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