US job openings rebound in April; layoffs pick up
[WASHINGTON] US job openings increased in April, but layoffs picked up in a move consistent with a slowing labour market amid a dimming economic outlook because of tariffs.
Job openings, a measure of labour demand, rose 191,000 to 7.391 million by the last day of April, the Labor Department's Bureau of Labor Statistics said in its Job Openings and Labor Turnover Survey, or Jolts report, on Tuesday (Jun 3).
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. Hiring increased by 169,000 to 5.573 million in April. Layoffs rose 196,000 to 1.786 million.
Economists say the on-gain, off-again manner in which the import duties are being implemented is making it difficult for businesses to plan ahead.
A US trade court last week blocked most of President Donald Trump's tariffs from going into effect, ruling that the president overstepped his authority. But the tariffs were temporarily reinstated by a federal appeals court on Thursday, adding to the uncertainty facing businesses.
Consumers are increasingly becoming less confident about the jobs market and the Conference Board's labour market differential has narrowed considerably this year. That could be reinforced by May's employment report, which is scheduled for release on Friday.
Nonfarm payrolls likely increased by 130,000 jobs last month after advancing by 177,000 in April, a Reuters survey of economists showed. The unemployment rate is forecast to hold steady at 4.2 per cent, with greater risks of a rise to 4.3 per cent. REUTERS
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