Job openings showed surprising increase to 7.4 million in April
Employers increased job openings more than expected in April while hiring and layoffs also both rose, according to a report Tuesday that showed a relatively steady labor market.
The Bureau of Labor Statistics' Job Openings and Labor Turnover Survey showed available jobs totaled nearly 7.4 million, an increase of 191,000 from March and higher than the 7.1 million consensus forecast by economists surveyed by FactSet. On an annual basis, the level was off 228,000, or about 3%.
The ratio of available jobs to unemployed workers was down close to 1:1 for the month.
Hiring also increased for the month, rising by 169,000 to 5.6 million, while layoffs fell by 196,000 to 1.79 million.
Quits, an indicator of worker confidence in their ability to find another job, edged lower, falling by 150,000 to 3.2 million.
In other economic news Tuesday, the Commerce Department reported that new orders for manufactured goods fell more than expected in April. Orders fell 3.7% on the month, more than the 3.3% Dow Jones forecast and indicative of declining demand after swelling 3.4% in March as businesses sought to get ahead of President Donald Trump's tariffs.
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