The JOLTS report showed the number of job openings dropped in April to 5.05 million. Analysts at Wells Fargo point out the best thing about the job openings and labor turnover report is that it is in the past and they see May looked much better.
Key Quotes:
“Not since 2014 have there been so few jobs available.”
“The number of people hired fell to just 3.5 million, the lowest in records that go back about 20 years.”
“While that is not a huge surprise amidst the lockdowns in April, there were not too many indications here of the much better than expected outturn (+2.5 million jobs) in the May jobs report.”
“Total separations fell to 9.9 million in April, down sharply from more than 14 million in the prior month, but still well-above normal (it never climbed above 6 million in 2019). The growth obviously is from the surge in layoffs.”
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