The number of job openings decreased by over 300,000 in April, dropping below 8 million for the first time since February 2021, according to the latest Job Openings and Labor Turnover Survey (JOLTS) report from the U.S. Bureau of Labor Statistics. This decline continues the trend of falling job opportunities, mirroring a reduction in online job postings and signaling a cooling job market. While the May numbers were up slightly from April, they mark eight consecutive months below 9 million job openings, after more than two years with more than 9 million openings.
The report also showed a continuation in the low level of people quitting their jobs, with 3.5 million employees leaving their positions, down 550,000 (14%) from a year prior. This is an indicator of reduced confidence among workers in finding new employment. Additionally, layoffs and discharges remained relatively flat at 1.7 million, consistent with the low weekly unemployment claims data.
Insight for Employers
Justin Ladner, a senior labor economist at SHRM, noted that there are signs of stabilization in the labor market following a period of significant disruption. “Quits have been declining from their peak in Spring 2022 and have leveled off over the past six months. Other indicators also suggest stabilization. If these trends continue, it suggests the labor market is reaching a stable state with strong demand and healthy turnover rates. While the market remains tight compared to historical norms, we are moving away from the unprecedented conditions seen in recent years,” Ladner explained.
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The information contained in this article is not a substitute for legal advice or counsel and has been pulled from multiple sources.
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