US job openings jump to nearly two-year high as layoffs fall

U.S. job openings jumped in April to the highest level in almost two years and layoffs fell, adding to signs the labor market remained resilient even as businesses navigated rising energy costs sparked by the Iran war.

Available positions rose to 7.62 million from 6.89 million in March, according to Bureau of Labor Statistics data out Tuesday. The median estimate in a Bloomberg survey of economists called for 6.87 million openings.

One sector — professional and business services — accounted for almost the entirety of the increase. The overall number of hires fell to 5.12 million, partly unwinding a surge in March, while layoffs moderated to 1.69 million.

The figures suggest labor demand is steadying this year after near-zero job growth in 2025. While vacancies still remain well below the levels seen in the pandemic reopening period, the stabilization could further undermine the case for interest-rate cuts as Federal Reserve officials increasingly discuss the possibility of rate hikes.

Even so, surveys suggest businesses and workers remain anxious about the labor market and economic conditions. The share of consumers who said jobs were plentiful fell in May to the lowest since 2021, according to The Conference Board. Small-business hiring plans also remained subdued in April as inflation concerns continued to hang over companies, according to the latest data.

The so-called quits rate, which measures the percentage of people voluntarily leaving their jobs each month, fell to 1.9%, matching the lowest since 2020.

The report also showed the number of vacancies per unemployed worker, a ratio Fed officials watch closely as a proxy for the balance between labor demand and supply, was little changed at 1 to 1. At its peak in 2022, the ratio was 2 to 1.

Recent jobless claims data have shown few signs of widespread layoffs despite some high-profile announcements of job cuts, including from the likes of Meta Platforms Inc., Starbucks Corp., LinkedIn and Walmart Inc.

The government’s monthly jobs report for May is due Friday, and economists expect it to show an 85,000 increase in payrolls, according to the median estimate in a Bloomberg survey. A separate index by job-posting site Indeed has been little changed since the end of March.