U.S. April JOLTS report - Openings correct after two straight declines
April’s JOLTS report shows an unexpected increase, of 191k to 7.391m. The rise follows two straight declines and the 3-monrth average remains negative at -124k, though the 6-month average of -37k remains close to neutral as it has been since October. The series is a volatile one. Trend is probably starting to slow, but there is no sign yet of a sharp loss of labor market momentum.
Other detail shows hires up by 169k, the strongest increase since September following three straight near flat months, and separations up by 105k despite a 150k decline in quits, which means a stronger month for layoffs. The data is therefore mixed with openings and hires looking healthy but higher layoffs and fewer quits negative signals. On balance the message is of a labor market that is still healthy but seeing some modest underlying slowing.
