According to ChainCatcher, citing Jinshi data, US April JOLTS job openings surged to 7.62 million, up sharply from 6.89 million in March, marking the highest level in nearly two years. The surprising strength immediately prompted a reassessment of the monetary policy outlook.
Meanwhile, layoffs decreased to 1.69 million, further underscoring the resilience of the labor market. Although the absolute number of job openings remains below the peak seen during the post-pandemic reopening, the sustained firmness is eroding the case for interest rate cuts. Several Federal Reserve officials have openly discussed the possibility of raising rates, signaling rising concerns about an overheating economy.
The JOLTS report—officially the Job Openings and Labor Turnover Survey—is a monthly gauge from the U.S. Bureau of Labor Statistics that covers job openings, hires, quits, and layoffs. It serves as a key input for the Fed in assessing labor market slack and shaping rate decisions. The unexpectedly strong April print is likely to dampen rate-cut expectations and bring rate hike considerations back into focus.