The Job Openings and Labor Turnover Survey, or JOLTS report, from the Labor Department on Wednesday also showed layoffs declined significantly last month. There were 1.8 job openings for every unemployed person in April, up from 1.7 in March, and well above the 1.0-1.2 range that is considered consistent with a jobs market that is not generating too much inflation.
"This is not what the Fed was hoping to see," said Priscilla Thiagamoorthy, a senior economist at BMO Capital Markets in Toronto. But job openings declined in durable goods manufacturing, which has seen demand for goods slowing as higher interest rates increase the cost of credit. Spending is also shifting back to services.
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