US job openings fall to five-month low

GlobalPost

The number of jobs available in the US slid to a five-month low in April, according to the latest data from the US Labor Department.

The US in April had 3.42 million job openings, 325,000 fewer than a month earlier. The drop is the biggest in nearly four years, Bloomberg said. It left 3.7 Americans vying for each open spot. 

The data makes for the most competitive job market since November and shows openings are down across industries. 

"The report was soft, lending some credence to the view that the April-May slowing seen in the payroll report was real and not a statistical fluke," Michael Feroli, an economist at JPMorgan in New York, told Reuters.

The US employment picture has become increasingly gloomy with latest data showing the US added far fewer jobs than expected in May. That anemic growth has the US unemployment rate stuck at above 8 percent, and today's data is particularly discouraging against that backdrop. The data also showed Americans haven't yet become confident enough about their job prospects to leave whatever positions they've been clinging on to for dear life. 

More from GlobalPost: Unemployment rises to 8.2 percent in May

When the US recession officially ended in 2009, there were 6.2 unemployed Americans competing for each open spot. At the beginning of the US downturn in late 2007, that figure stood at 1.8. 

More from GlobalPost: Banking on Africa's poor

Will you support The World with a monthly donation?

There is no paywall on the story you just read because a community of dedicated listeners and readers have contributed to keep the global news you rely on free and accessible for all. Will you join the 319 donors who have supported The World so far? From now until Dec. 31, your gift will help us unlock a $67,000 match. Donate today to double your impact!