Job openings in the US fell to a three-year low in March 2024, according to the latest report by the US Bureau of Labor Statistics.
The total number of job vacancies dropped to 8.49 million, the lowest figure since February 2021, and well below the market consensus of 8.69 million.
Construction, finance and insurance were among the worst-performing sectors for job openings.
In contrast, private businesses demonstrated resilience in April, adding 192,000 jobs against expectations of a 175,000 increase, as reported by ADP today.
Services led the gains, particularly in leisure and hospitality, which added 56,000 jobs.
Amid these mixed signals on employment, ING analysts suggest that the Federal Reserve is likely to retain its hawkish stance in the face of persistent inflation.
"Today's Federal Reserve FOMC meeting is likely to see the Fed adopt more hawkish language than at the March FOMC meeting, but they certainly won't close the door to potential rate cuts later in the year,” said chief international economist James Knightley.