Follow on Google NewsUS labor market steadily easing amid tariff uncertainty
WASHINGTON, June 3 (Reuters) – U.S. job openings increased in April, but layoffs posted their biggest rise in nine months, suggesting that labor market conditions were softening amid a dimming economic outlook because of tariffs.
The Job Openings and Labor Turnover Survey, or JOLTS report, from the Labor Department on Tuesday also showed the number of people quitting their jobs for greener pastures declined by the most since last November. This was consistent with surveys showing consumers becoming less confident about the jobs market.
Economists say the on-gain, off-again manner in which President Donald Trump’s import duties are being implemented has left businesses in limbo and struggling to plan ahead. The labor market continues to anchor the economy. Despite the rise in April, layoffs remain relatively low.
“We will call this report another indication of stasis in U.S. companies in the face of tariff uncertainty,” said Carl Weinberg, chief economist at High Frequency Economics. “Once companies are more certain that bad times are coming, they will start to shed workers.”
Job openings, a measure of labor demand, rose 191,000 to 7.391 million by the last day of April, the Labor Department’s Bureau of Labor Statistics said. Data for March was revised higher to 7.200 million open positions instead of the previously reported 7.192 million.
Economists polled by Reuters had forecast 7.10 million vacancies. April’s rise in vacancies was likely a correction following March’s sharp decline. Unfilled positions were concentrated in the professional and business services as well as healthcare and social assistance sectors.
Job openings at restaurants and bars dropped 135,000. There were also fewer postings in manufacturing, finance and insurance as well as state and local government education.
Oil prices climb 2% to 2-week high on geopolitical tension
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Federal government vacancies rose 13,000 despite a hiring freeze implemented by the Trump administration amid cost cutting. The job openings rate rose to 4.4% from 4.3% in March.
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