Although more data needs to be released, current trends seem to be showing a cooling — and potentially negative — job market. While the US saw a hiring boom as the country left the pandemic in the rearview, current inflation rates and subsequent interest rate hikes will slowly bring that boom to an end, particularly for small businesses.
The economy is supposed to be cooling, but the US still faces a historically low unemployment rate. Both job openings and unemployment are supposed to go down together, which is why the Fed hiked rates again this week. Government policy right now is about bringing down inflation, and April's jobs report means the Fed will likely have to keep applying pressure.