JPMorgan's chief economist Michael Feroli explains in a new research note:

The April Job Opening and Labor Turnover report was soft, lending some credence to the view that the April-May slowing seen in the payroll report was real and not a statistical fluke. The number of job openings in April fell 325,000 to 3.416 million, the lowest level since November of last year. Private job openings fell 282,000 -- the most since early 2009 -- to 3.080 million.