Job openings in April are down 296,000 to 8.059 million after a downward revision to 8.355 million in March. The level of openings is below the consensus of 8.400 million in the Econoday survey of forecasters. The April reading is the lowest since 7.818 million in February 2021. The April decline reflects 223,000 fewer job openings in private industries and 72,000 in government jobs. The majority of the change is due to a decline of 204,00 drop in health care and social assistance and 109,000 in leisure and hospitality, and 59,000 in state and local education. There is an offset by gains of 122,000 in professional and business services, 50,000 in private educational services and 21,000 in retail trade. The timing of the Easter holiday and school spring breaks may have a part in the reduction in job openings as some hiring plans may have been moved up to March or delayed until May. The job openings rate is down to 4.8 in April after 5.0 in March, and down from 6.0 in April 2023. The rate has not been this low since 4.8 in January 2021.

The level of hires is up 23,000 to 5.640 million in April after 5.617 million in March, but below 5.951 million a year earlier. Hiring is up 40,000 in private industries, where a strong gain of 68,000 in manufacturing and 92,000 in trade, transportation, offset weakness elsewhere. Government hiring is down 16,000, mainly on a decrease of 20,000 in state and local noneducation hiring. The hire rate is unchanged at 3.6 in April from March, and a little below 3.8 in April 2023.

Total separations are up 42,000 to 5.372 million in April after 5.330 million in March, but below 5.569 million in April 2023. Separations are mostly from a 31,000 increase in state and local government education, while private industry separations are up 11,000. The separations rate is unchanged at 3.4 in April after 3.4 in March, and below 3.6 in April 2023.

The number of workers voluntarily quitting their jobs a subset of separations are up 98,000 to 3.507 million in April after 3.409 million in March, and only slightly fewer than 3.611 million in April 2023. There are 60,000 more job quits in April from March, with construction up 42,000, manufacturing up 39,000, and up 48,000 in health care and social assistance while professional and business services are down 131,000. Quits of government jobs are up 38,000, mostly in state and local education at up 32,000. The quits rate is 2.2 in April and is unchanged for the past six months.

The level of layoffs and discharges also a subset of separations is down 86,000 in April to 1.515 million from 1.601 million in March and lower than 1.636 million in April 2023. The number of layoffs and discharges is down 79,000 for private industries in April and 8,000 for government jobs. The rate of layoffs and discharges is 1.0 in April, the same as in March and just below 1.1 in April 2023.

Overall, if job openings are fewer in April, hiring is ongoing and those losing their jobs are relatively few. The increase in the number of job quits points to worker optimism about changing jobs in a tight labor market, and that businesses still need to compete for workers with the right skills and experience. The job market is looking more normal than it has since the start of the pandemic. When Fed policymakers meet on June 11-12, they will be able to point to data that the labor market is rebalancing without materially slowing down.

Job openings have been solid. April's consensus is slowing to 8.4 million versus March's 8.488 million.

The Labor Department's JOLTS report tracks monthly change in job openings and offers rates on hiring and quits. The reporting period lags other employment data including the employment situation report. The word JOLTS stands for Job Openings and Labor Turnover Survey.

Although lagging the release timing of the employment situation report by a month, JOLTS provides additional information on the labor market. The payroll survey in the employment situation report provides numbers on net job changes. JOLTS breaks down labor market data into pre-net changes such as job openings, hires, and separations.