US job openings rose unexpectedly in April, a sign the American labor market remains resilient
U.S. job openings unexpectedly increased in April to 7.4 million, defying expectations of a decline, signaling continued labor market resilience despite economic uncertainties. However, the number of Americans quitting their jobs decreased, while layoffs slightly increased. The economic outlook remains uncertain due to potential impacts from trade policies.
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U.S. job openings rose unexpectedly in April, showing that the labor market remains resilient in the face of uncertainty arising from President Donald Trump's trade wars.The Labor Department reported Tuesday that employers posted 7.4 million job vacancies in April, up from 7.2 million in March. Economists had expected opening to drift down to 7.1 million.But the number of Americans quitting their job - a sign of confidence in their prospects - fell, and layoffs ticked higher.Openings remain high by historical standards but have dropped sharply since peaking at 12.1 million in March 2022, when the economy was still roaring back COVID-19 lockdowns.The American job market has remained strong in the face of high interest rates engineered by the Federal Reserve in 2022 and 2023 to fight a resurgence of inflation.The economic outlook is uncertain, largely because of Trump's economic policies - huge taxes on imports, purges of federal workers and the deportation of immigrants working in the United States illegally.The Labor Department is expected to report Friday that employers added 130,000 jobs last month, down from 177,000 in March. The unemployment rate is expected to stay at a low 4.2%, according to a survey of forecasters by the data firm FactSet.
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