Job Openings Increase, Hiring Rate Decreases

Job openings are up but hiring isn't, in what are mixed but still favorable results from the April JOLTS report. Job openings rose to 5.788 million from a downward revised 5.670 million in March. The job openings rate also rose, up 1 tenth to 3.9 percent. The hiring rate, in contrast, fell a sharp 2 tenths to 3.5 percent in what perhaps confirms anecdotal reports that employers are having a hard time finding qualified applicants for skilled positions. In a separate indication that points to weakness in worker confidence, the quits rate fell 1 tenth to 2.0 percent suggesting that workers are not shopping their skills around to other employers. Back on the positive side, the layoff rate fell 1 tenth to a low 1.1 percent. This report is mixed and embodies what are increasingly mixed signals across employment indicators in general.