Job Openings Hit a Two-Year High. Hiring Fell Anyway.

Job Openings Hit a Two-Year High. Hiring Fell Anyway. Jeremy Berke Tue, June 2, 2026 at 9:04 PM GMT+2 2 min read NVDA Job Openings Hit a Two-Year High.

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Tap here. Chalk one up for a labor market mismatch. Job openings rose to their highest level since May ‘24, blowing past economists' expectations to 7.

62 million in April, per data released on Tuesday from the Bureau of Labor Statistics. Surveyed economists from Dow Jones and other firms expected about 6. 8 million, so this is a substantial beat.

But the beat isn’t the whole story. Hiring in April fell by 419,000 month-over-month to 5. 1 million.

Nearly all of the gains came from one place: professional and business services, and within that, mostly health care. The retail sector, perhaps a function of tariffs, inflation, or just seasonal adjustment, drove much of the “separations,” which is macro-speak for people leaving jobs, at 136,000 in separations and about 88,000 in layoffs. One stock.

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Tap here. The report, known as the Job Openings and Labor Turnover Survey (JOLTS), measures hiring and firing across industries. The Federal Reserve closely watches each month’s JOLTS for signs of labor market health.

A tight labor market with more jobs than people means workers have leverage to job-hop, or more bargaining power to organize and increase wages. A loose labor market gives employers the upper hand. Job openings hit their highest level in nearly two years.

But with hiring falling and workers clinging to their jobs at pandemic-era rates, the report is more cautious than the headline suggests. Workers are acting more cautiously than the numbers suggest, because the openings-to-unemployed ratio is a blunt instrument that doesn't account for skills, location, or whether the jobs being posted are real. It's also worth noting that March job openings were revised up to 6.

9 million, so April's 7. 6 million is jumping off a higher base than originally reported.