The numbers: U.S. job openings dropped to 11.4 million in April from a record 11.9 million in the prior month, signaling some softening in what’s still the tightest labor market in decades.
Quits topped 4 million... The numbers: U.S. job openings dropped to 11.4 million in April from a record 11.9 million in the prior month, signaling some softening in what’s still the tightest labor market in decades. Quits topped 4 million last summer for the first time ever, part of a pandemic-era trend that’s become known as “the great resignation.”Big picture: The U.S. labor market might be the economy’s saving grace as the Federal Reserve moves to raise interest rates to tame inflation.
There have been a smattering of companies announcing layoffs, however, and economists are watching closely for signs of weakening in the labor market. With the Fed raising rates, businesses may be more cautious about hiring.