April saw job openings slip, but hiring remains in demand as more companies look to add additional workers to their workforces. Although trade tensions between the United States, China and Mexico remain high, unemployment is still at record low levels.
Available jobs in April fell slightly, and a Labor Department report showed a slight increase in company layoffs. Many economists speculate the ongoing trade dispute is the primary reason why job openings fell. Recent layoffs could be directly attributed to the trade war as well, according to insiders.
President Donald Trump stated back in May he would impose a 25 percent tariff on Chinese goods worth $200 billion. China responded by announcing new tariffs of their own. However, Trump has said China is willing to negotiate a deal on tariffs very soon. Trump is expected to meet with China’s Xi at the upcoming G20 Summit.
President Trump also threatened to impose tariffs on Mexico if the country did not help the U.S. with immigration issues. However, the U.S. and Mexico came to an agreement on Friday, and Trump has “indefinitely suspended” any potential tariffs on Mexico.
However, some economists say the report from the labor department, known as the JOLTS report, is not the most accurate indicator about the labor market. Economists did say the report shows a strengthening U.S. economy and a favorable labor market. Hiring is at some of the highest levels since the federal government began tracking the figure.
According to the report, April saw 7.4 million job openings, which was down from the 7.5 million job openings in March. The rate of job openings remained the same at 4.7 percent. New hires hit 5.9 million in April, which was 240,000 more than March. The April figures are the highest level of new hires since 2000. The report also shows hiring rose to 3.9 percent compared to March’s 3.8 percent.