US JOB OPENINGS DECLINE FROM RECORD LEVEL BUT REMAIN HIGH

The white-hot demand for U.S. workers cooled a bit in April, though the number of unfilled jobs remains high and companies are still desperate to hire more people.

Employers advertised 11.4 million jobs at the end of April, the Labor Department said, down from nearly 11.9 million in March, the highest level on records that date back more than 20 years. At that level, there are nearly two job openings for every unemployed person. That's a sharp reversal from the historic pattern: Before the pandemic, there were always more unemployed people than available jobs.

The number of people quitting their jobs remained near record highs at 4.4 million in April, mostly unchanged from the previous month. Nearly all of those who quit do so to take another job, typically for higher pay.

The historically high number of unfilled jobs and the number of people quitting has forced employers to pay more to attract and keep staff. Those trends are driving solid wage gains for America's workers, particularly those that switch jobs.