The job vacancies have soared to 7.62 million, and the Federal Reserve is probably shifting from rate cuts to rate hikes. This wave of the labor market being so strong is a bit outrageous.

U.S. April JOLTS shows job openings rose to 7.62 million, reaching a nearly two-year high; layoffs decreased to 1.69 million, and the labor market remains strong, with professional and business services contributing almost all of the growth. Total hires were 5.12 million, a decline from March; compared to near-zero employment growth in 2025, demand this year is stabilizing. This stability or reduced incentive to cut interest rates has instead sparked discussions among Federal Reserve officials about the possibility of raising rates.