There are nearly as many job openings as unemployed USA workers

  • There are nearly as many job openings as unemployed USA workers

There are nearly as many job openings as unemployed USA workers

United States job openings jumped more than forecast to a record in March, indicating strong demand for workers, Labor Department data showed Tuesday.

But now, with wage gains sluggish, employers are willing to post more jobs because it won't cost them much to fill, Bunker argues.

Analysts had forecast 6.1mn openings, and the prior month's reading was revised upward to 6.08mn.

The Labor Department, which has been tracking job openings since 2000, said in its monthly Job Openings and Labor Turnover Summary that total job openings increased by 7.8 percent, or by 472,000 openings, in March compared to the previous month. That's historically unusual: Typically, those out of work outnumber openings.

With rising vacancies nearly helping to close the gap with the ranks of the unemployed, the job market is increasingly tight.

The release included estimates of the number and rate of job openings, hires, and separations for the nonfarm sector by industry and by four geographic regions. In March, that rate fell to 1 unemployed for every job opening.

The job market appears to be tilting in favor of workers and job-seekers.

The number of total separations, which includes quits, layoffs and discharges, and other separations meanwhile increased by 2.3% to 5.291m. That's the last time that wages truly increased significantly, and it attracted plenty of people back into the labor market.

"We need more people to come off the sidelines, and more attractive wages should be an effective way of encouraging that", Peter Boockvar, chief investment officer at Bleakley Advisory Group, said in an email. Hires are a flow while job openings are a stock, so they're not directly comparable, but still, the gap suggests firms are having trouble finding workers. That's left more jobs unfilled.