US job openings growth was way lower than expected in April
Job openings in the US slid back more than expected in April, figures published today showed – after one of the country's weakest quarters in years.
The non-farm payroll figure fell to 160,000, against analyst consensus of 200,000
Last month's figures showed an unexpected rise in joblessness – although the number of job openings beat expectations.
The figure suggested the Federal Reserve's Open Markets Committee is unlikely to take any action on interest rates when it meets next month.
“The labour market has been a shining beacon compared with other elements of the US economy for the past few months, but no longer. More than 200,000 jobs had been added in five of the previous six months, but today’s figure has come in disappointingly low," said Dennis de Jong, managing director at UFX.com.
“An interest rate hike next month is now looking unlikely as the general economic waters are far from calm. Weak growth at home and overseas is a major concern, as is poor manufacturing output, so Janet Yellen and the Fed are expected to keep the interest rate pause button pressed for a little longer.”
Figures published at the end of last month showed US growth had fallen to 0.5 per cent in the first three months of the year, missing economists' expectations of a 0.7 per cent expansion.
Meanwhile, the dollar has plummeted – last week the currency fell to an 11-month low against a basket of currencies, as the Dow fell below the symbolic 18,000 mark.