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Shocking JOLTS: Job Openings Soar By 731K, 9-Sigma Beat, As Quits Bizarrely Plunge To 6 Year Low
We had to do a double take when the BLS reported today's JOLTS job openings: with consensus expecting no change from last month's print of 6.866MM, and near the lowest in two years, moments ago a flashing red headline revealed that in April the US added a stunning 731K jobs to 7.618 million, up from an upward revised 6.887 million, and up 520K from a year ago.
For context, this was a 9 sigma beat to expectations, the biggest beat in history.
WTF!?... and how is this possible at a time when companies are mass laying off thanks to AI? Well, according to the BLS,the number of job openings increased in professional and business services (+668,000), and also rose in manufacturing, manufacturing, and - alas - government. Jobs stumbled in finance and insurance (-135,000).
This was the biggest monthly increase in professional and business services by a huge margin. It wasn't clear what exactly job category prompted this surge.
Meanwhile, the draining of the swamp appears to be officially over with government jobs jumping by 47K to 777K, the biggest monthly increase this year.
The historic surge in April job openings, coupled with the modest increase in unemployed workers means that after 9 months of labor surplus, there were 245K more job openings than unemployed workers in April, a reversal to the "deficit" regime observed since last July.
The surge in openings also means that after falling back to 0.9x in March, in April the ratio of job openings rose back to 1.0x and was the highest since January 2025.
But while the job openings number was a shock, this month we saw a reversal of last month's surge in hires and quits, and in April both the number of Quits and Hires, tumbled once more. Specifically, hires plunged by 419K to 4.899 million, while quits - or the "take his job and shove it" indicator - plunged by 183K, or 5.8%, to 2.977 million, the lowest since 2020 and the biggest percentage drop since April 2025, as Americans are suddenly allergic to leaving their jobs on their own.
It goes without saying that a surge in job openings even as nobody is leaving their jobs, leads one to scratch their head just what is going on here, besides data massaging of course.
In any case, since this hires number feeds directly into the payrolls calculations (after netting out separations) this explains why the April payrolls report slumped to 115K from 185K in March.
Overall, this was a shockingly strong JOLTS report - so strong in fact one wonders who at the BLS had a fat finger incident when calculating the professional and business services job openings, and shows that after some significant weakness in late 2025, US labor market has continued to stabilize in early 2026. Of course, the report also lags the payrolls report by a month, which is why it gives us little insight into what Friday's jobs report will be.
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Russia Unleashes Its Threatened Mass Bombardment: At Least 18 Killed, Over 100 Wounded Across Ukraine
The Kremlin spent much of the last week warning foreign diplomats and bystanders to evacuate Ukraine's capital, warning that an escalation in airstrikes is imminent, in response to Ukraine's own drone swarms sent against Moscow and other Russian sites last month - especially the Starobelsk dormitory attack.
"In response to terrorist attacks by the Kyiv regime, the Russian Armed Forces launched a large-scale strike using long-range, high-precision air, land and sea-based weapons — including hypersonic aero-ballistic missiles and attack drones," the Russian Defense Ministry (MoD) said in a statement. "The objectives of the strike were achieved. All designated targets were hit," it added.
In the wake of these devastating overnight attacks, Ukraine is reporting that at least 18 people were killed and over 100 more wounded. The hours-long assault was clearly one of the biggest and deadliest of the last year or more.
Tuesday attack on Ukraine's capital, via ReutersUkraine's air force tallied that over 640 drones were sent and 73 missiles were fired on various cities, including Kyiv, and Dnipro, as well as several eastern cities, including Kharkiv and Zaporizhzhia. Ukraine claims it intercepted the majority of these, but still dozens of projectiles made it through to impact.
Kyiv Mayor Vitali Klitschko later confirmed that six people were killed in the Ukrainian capital and that at least 66 others, including two children, were wounded.
There was mayhem as people fled to shelters during the nighttime "mass enemy attack". The mayor had warned while it unfolded: "Explosions in the city. Air defense forces are working! Stay in shelters!"
Central Ukraine's Dnipropetrovsk region also saw high casualties, with at least 12 people killed and 36 others wounded. The regional governor reported that children were among the injured.
Moscow has not owned up to inflicting civilian casualties in the fresh overnight assault, but has instead framed this as part of its previewed "systematic and consistent strikes" on Ukraine’s military infrastructure.
President Putin and top military brass had last month said strikes would be initiated against "decision-making centers" in response to the dorm attack in the Russia’s Lugansk People’s Republic on May 22, which killed 21 people - mostly teenage girls - and injured 70 others.
Kremlin officials now say that Russian forces have "a right to dismantle any infrastructure that supports terrorism."
Russian drones and missiles struck the Ukrainian capital Kyiv and other cities, killing at least 18 people and wounding more than 100, authorities said, following days of warnings about Moscow's plans for a major assault https://t.co/RZjbJYupmp pic.twitter.com/UY6FOwNne7
— Reuters (@Reuters) June 2, 2026Despite this clear escalation, peace talks are nowhere on the horizon, also as the White House's attention is currently fixated on the Iran war and Hormuz Strait crisis. Russia has in the meantime benefited from the Iran crisis, with sanctions relief on its oil exports from Washington, and elevated crude prices.
President Trump is on a daily basis dealing with now largely stalemated back-and-forth diplomatic messaging with Tehran, and so the persistent Ukraine war seems to have taken a far back seat in terms of administration priorities.
Tyler Durden Tue, 06/02/2026 - 10:25