Overview
- Labor Department data released Tuesday showed 6.866 million openings and a 655,000 jump in hires to 5.554 million, lifting the hiring rate to 3.5%.
- Layoffs increased by 153,000 to 1.867 million and the layoff rate rose to 1.2%, while the quits rate ticked up to 2%.
- Hiring broadened across transportation and warehousing, professional and business services, retail, and leisure and hospitality, even as layoffs were concentrated in professional and business services and information.
- Economists warned that the U.S.–Israel–Iran war has driven oil and fuel costs higher, which can squeeze household budgets and prompt employers to slow hiring plans.
- Openings remain well below the March 2022 peak of about 12.3 million, and the JOLTS report tracks gross flows like hires, quits, and layoffs that complement the monthly payroll tally, with recent stability reinforcing expectations the Fed keeps rates unchanged for now.