The demand for labor continues to moderate

Further evidence of a slowdown in the pace of hiring was seen in the April Jobs Opening data where it totaled 8.059mm vs 8.488mm in March and about 300k under the estimate. The hiring rate held at 3.6% which is one tenth from matching the lowest since 2014 not including Covid. The quit rate also was unchanged m/o/m at 2.2%, matching the lowest since 2018, also not including Covid.