Boockvar on Job Openings
From Peter Boockvar:
Job openings jump but very concentrated increase
The number of job openings in April jumped to 7.618mm, an increase of 752k from March and to the most since May 2024. The hiring rate though fell back to 3.2% after rising to 3.5% in March vs 3.1% in February. Outside of Covid, 3.1% was the lowest since 2011 for perspective. The quit rate fell to 1.9% which matches the smallest print since 2014, also not including Covid.
Just about all of the increase in job openings came from just the ‘professional/business services’ line item which spiked by 668k. I wish I had more detail of what this consists of specifically outside of the typical white collar desk job. Healthcare/social assistance also helped, rising by 89k. Construction openings as well as manufacturing rose a touch. Trade/transportation, which includes retail/wholesale trade, was little changed. Leisure and hospitality openings fell to the lowest since 2017 not including the 2020 and 2021 Covid distortions. Job openings in finance/insurance totaled 300k vs 435k in March and 330k in February.
Bottom line, that rise in ‘professional and business services’ accounts for just about all of the rise in job openings and maybe AI won’t be taking everyone’s white collar jobs after all? That said, the hiring rate remains muted as does the quit rate, all getting to a still mixed but strange labor market when we look at both hiring’s and firing’s.
Job Openings
Hiring Rate
Quit Rate
Professional/Business Services job openings
Leisure/hospitality job openings
Construction job openings
Positions: None.
