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Staffing Industry Analysts (06/01/22)
US job openings fell by 455,000 in April compared to March with the number of openings at 11.4 million in April, the US Bureau of Labor Statistics reported. However, the number of layoffs and discharges reached a series low.
In a tweet, Senior Economist Daniel Zhao and lead data scientists at Glassdoor noted that while job openings fell in April, job openings for March were revised upward to a record high of 11.9 million. “Employer demand still remains extremely hot even as concerns of a slowdown or even a recession rise.”
The largest decreases in job openings were in healthcare and social assistance, down 266,000; retail trade, down by 162,000 in retail trade; and “accommodation and food services,” down by 113,000.
However, declines in job openings in some sectors were partially offset by increases in others. For example, the number of job openings in “transportation, warehousing and utilities” rose by 97,000.
Total separations, including quits, layoffs and discharges, remained little changed and fell by 3.4% month over month.
Looking at only the quits, the number was little changed at 4.4 million. Quits increased in “real estate and rental and leasing” by 37,000. Conversely, they decreased by 19,000 in “state and local government education.”
Meanwhile, the figures for hires remained little changed at 6.6 million.
“April’s JOLTS report shows the jobs market remains squeaky tight, with near-record job openings and layoffs hitting a record low,” Robert Frick, corporate economist at Navy Federal Credit Union, told CNBC. “This almost guarantees another healthy employment report on Friday and means employers’ focus is on expansion despite high inflation and pending higher interest rates.”