Job Openings Hold at Near-Record Highs; Another 4.4 Million Quit

Nearly 4.4 million Americans quit their jobs in April, keeping U.S. job openings at a near-record 11.4 million, the Bureau of Labor Statistics reported Wednesday.

The report said hires and total separations fell slightly to 6.6 million and 6.0 million, respectively. Within separations, quits were little changed at 4.4 million, while layoffs and discharges edged down to a series low of 1.2 million. Job openings fell by 455,000 from 11.9 million at the end of March.

BLS reported the largest decreases in job openings were in health care and social assistance (-266,000), retail trade (-162,000) and accommodation and food services (-113,000). The largest increases were in transportation, warehousing, and utilities (+97,000); nondurable goods manufacturing (+67,000); and durable goods manufacturing (+53,000).

Over the 12 months ending in April, hires totaled 78.0 million and separations totaled 71.6 million, yielding a net employment gain of 6.4 million. These totals include workers who may have been hired and separated more than once during the year.

“The nearly half-million decline in job openings in April offers further evidence that labor shortages are no longer worsening,” said Sarah House, Senior Economist with Wells Fargo Economics, Charlotte, N.C. “However, the 11.4 million job openings at the end of April follows an upwardly revised figure of 11.9 million for March and underscores that the Fed still has significant work ahead in generating a more balanced labor market that relieves the inflationary pressures stemming from wages.”

House said while labor market churn remains historic, turnover rates also show signs of stabilizing, noting gross hirings slipped for a second straight month, while gross separations fell to the lowest level since last October. “The vast majority of separations continue to be voluntary as the unprecedented number of job openings create opportunities elsewhere and workers chase higher pay,” she said.

The parade of reports continue today with ADP National Employment Report (8:15 a.m. ET) and Initial Claims (8:30 a.m. ET) from the Labor Department. On Friday, BLS releases its Employment Report (8:30 a.m. ET). MBA Chief Economist Mike Fratantoni will provide commentary and analysis on the Employment report in the Monday, June 6 edition of NewsLink.