Job Openings in U.S. Decrease by Most in Almost Four Years

Source: Bloomberg

By Michelle Jamrisko - 2012-06-19T15:04:58Z

Job openings in the U.S. decreased in April by the most in almost four years, the latest sign that the labor market is cooling.

The number of open positions dropped by 325,000, the biggest decline since September 2008, to 3.42 million from 3.74 million the prior month, the Labor Department said today in Washington. Hiring slowed from the prior month and firings climbed.

The decrease in openings coincides with the slowdown in hiring seen in April and May, signaling employers are pulling back as the economy cools. The number of jobs available is down from an average 4.46 million in the two years before the recession began, showing the labor market continues to struggle.

“The most worrisome development is this big drop in hiring,” said Harm Bandholz, chief U.S. economist at UniCredit Group in New York. “If you have the outlook that things are getting little bit better, you eventually have to hire more people. But the fact that this is not happening -- that’s worrisome.”

Read more: http://www.bloomberg.com/news/2012-06-19/job-openings-in-u-s-fell-to-3-42-million-in-april-labor-says.html