The April jobs report, due out Friday morning, is expected to show the labor market is continuing to moderate due to higher interest rates and inflation.
Layoffs in the U.S. rose 7% in March to the highest level in over a year as companies continued to battle deteriorating market and economic conditions.
Hiring by private U.S. companies rose more than forecast in March, a sign that the labor market remains resilient in the face of higher interest rates.