US job openings hit 10.1 million and labor market still strong despite Fed efforts to cool economy
By PAUL WISEMAN (AP Economics Writer)
WASHINGTON (AP) — U.S. job openings rose unexpectedly in April, illustrating the resilience of the American labor market and complicating Federal Reserve efforts to fight inflation.
Employers posted 10.1 million job openings last month, up from 9.7 million in March and the most since January, the Labor Department said Wednesday. Economists had expected vacancies to slip below 9.5 million.
“Demand for workers is still strong and the labor market is largely continuing to chug along nicely,” said Nick Bunker, research director at the Indeed Hiring Lab.
Layoffs fell, but the number of people quitting their jobs — a sign of confidence that they can find better pay or working conditions elsewhere — slid last month to the lowest level since March 2021, according to the Labor Department’s monthly Job Openings and Labor Turnover Survey. Quits remain well above pre-pandemic levels.
The Fed has raised its benchmark interest rate 10 times in the last 14 months, making it more expensive for businesses to borrow and invest. The central bank is hoping achieve a so-called soft landing — raising rates enough to slow hiring, economic growth and price increases without tipping the world’s biggest economy into recession.