Job openings rise unexpectedly as labor market stays strong, defying Fed efforts
- US job openings rose unexpectedly in April to 10.1 million, the most since January.
- Layoffs fell, but the number of people quitting their jobs slid last month to the lowest level since March 2021.
- The Fed has raised its benchmark interest rate 10 times in the last 14 months to fight inflation.
- Inflation has come down steadily from the four-decade highs it reached in mid-2022, but consumer prices still rose 4.9 percent in April from a year earlier.
- The unemployment rate fell to 3.4 percent in April, tying a 54-year low.
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