US April Job Openings Rise to 7.618 Million, Beating Forecasts

U.S. job openings topped market expectations in April. Labor demand remained firmer than expected, but hiring and total separations declined, offering a mixed read on the strength of the labor market.

The Bureau of Labor Statistics said on June 2 that job openings totaled 7.618 million in April, above the market forecast of 6.86 million. The prior month's figure was revised up to 6.9 million from 6.887 million.

Job openings rose by 731,000 from the previous month, and the job-openings rate increased to 4.6%. From a year earlier, openings were up by 520,000.

By industry, job openings in professional and business services increased by 668,000. Openings in finance and insurance fell by 135,000.

Hiring declined in April. Hires totaled 5.116 million, down 419,000 from the previous month, while the hiring rate slipped to 3.2%. The BLS said hiring was little changed across industries overall.

Total separations fell to 4.978 million, down 399,000 from a month earlier. The total separations rate was 3.1%. In retail trade, total separations decreased by 136,000.

Voluntary quits were little changed at 3 million, and the quits rate held at 1.9%. Layoffs and discharges were also little changed at 1.7 million, or 1.1%.

The report showed labor demand remained in place. At the same time, declines in hiring and separations suggest employers are keeping demand for workers intact while remaining cautious about actual hiring.

Markets are watching the JOLTS report as a data point that could affect the Federal Reserve's view on the path of interest rates. An increase in job openings could undermine expectations for labor-market cooling, while declines in hiring and separations may also be interpreted as a sign of slower economic growth.

After the data, Bitcoin widened its losses slightly and was trading near $68,625, down 0.21%.