US job openings, hires point to stable labor market

U.S. JOLTS data showed job openings fell by 56,000 in March to 6.866 million even as hires surged by 655,000 to 5.554 million — the biggest monthly rise since May 2020 — signaling a resilient labor market. The report, alongside elevated ISM input prices and rising commodity costs amid Middle East tensions, reinforced expectations the Federal Reserve will keep rates steady into 2027. Markets reacted modestly: Wall Street stocks rose, the dollar was steady and Treasury yields dipped. Separately, record goods exports ($320.9B) — boosted by higher crude oil and petroleum product shipments — were outweighed by stronger imports, widening the trade deficit to $60.3 billion. Housing data showed new single-family home sales up 7.4% in March, but mortgage rates climbed to about 6.46%, keeping affordability strained. Overall, the mix of stronger hiring, inflationary input pressures and geopolitical risks points to continued policy caution and modest market upside with persistent inflation and trade-driven headwinds.