Unexpectedly large increase in job openings in the United States in April supports the Federal Reserve's claim of a strong job market.
In April, job vacancies in the United States unexpectedly increased by a significant margin, with the number of job openings also increasing, indicating that despite increasing economic uncertainty, the demand for workers remains healthy. Data released by the US Bureau of Labor Statistics on Tuesday showed that job vacancies increased from the revised 7.2 million in March to 7.39 million, surpassing the expected 7.1 million. The increase in job vacancies was driven by private industries such as professional and business services, healthcare, and social assistance. While vacancies in state and local education led to a decrease in government job openings, there was an increase in federal government job vacancies. The increase in job vacancies, along with stable hiring and low unemployment rates, supports the Federal Reserve's assertion that the labor market is in good condition. However, unemployed individuals are expected to take longer to find jobs, with economists predicting that the labor market will be notably weaker in the coming months under the heavy pressure of President Trump's imposed tariffs.
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