U.S. job openings fell slightly in April, but a surge in hiring to a record high...
WASHINGTON - U.S. job openings fell slightly in April, but a surge in hiring to a record high suggested strong demand for labor before a recent escalation in trade tensions that was partly blamed for a sharp slowdown in employment growth last month.
Trade tensions between the United States and China worsened following a move by President Donald Trump in early May to impose additional tariffs of up to 25% on $200 billion of Chinese goods, prompting retaliation by Beijing. Job openings, a measure of labor demand, slipped to a seasonally adjusted 7.4 million from 7.5 million in March, the government said. The job openings rate was unchanged at 4.7%. Hiring jumped by 240,000 jobs in April to 5.9 million, the highest level since the government started tracking the series in 2000. The hiring rate increased to 3.9% from 3.8% in March.
“While today’s report is consistent with some cooling in hiring, the labor market is hardly falling off the rails.”
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