US job openings climb to 7.62 million, highest in nearly two years as layoffs ease

US job openings rose sharply in April to 7.62 million, the highest level in nearly two years, according to Bureau of Labour Statistics data on Tuesday (June 2). The figure increased from 6.89 million in March and came in above the median estimate of 6.87 million in a Bloomberg survey of economists.

Most of the increase was concentrated in the professional and business services sector, which accounted for nearly the entire rise in job vacancies. During the month, total hires declined to 5.12 million, partly reversing a surge recorded in March.

Layoffs fell to 1.69 million, indicating a moderation in job cuts compared with the previous month. The data suggests labour demand has stabilised after near-zero job growth in 2025, even as job openings remain below pandemic-era highs. The trend comes as businesses navigate higher energy costs linked to the Iran war, with overall labour market conditions continuing to show resilience.

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Market expectations around monetary policy are also influenced by the data, as the stability in vacancies adds to debate over the timing of potential interest rate cuts by the Federal Reserve.

Even so, surveys suggest businesses and workers remain anxious about the labour 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.

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The report also showed the number of vacancies per unemployed worker, a ratio Fed officials watch closely as a proxy for the balance between labour 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.

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