US Job Openings Soar to Record 8.12 Million as Businesses Face Hiring Challenges

Job Openings across the US soared to a new record high in March, accentuating a sharp increase in labour demand as states reopen their economies and vaccinations accelerate.

According to the latest Department of Labour Job Openings and Labour Turnover Survey (JOLTS) published on Tuesday, the number of available positions jumped to 8.12 million in March, marking the highest increase on records dating back to 2000. The median consensus among economists surveyed by Bloomberg forecast 7.5 million openings.

Source: Bureau of Labour Statistics

The number of job vacancies surpassed hires by over 2 million, contributing to the biggest gap on record and further attesting to growing hiring challenges. Employers across the country are voicing concerns that they are finding it increasingly difficult to fill positions, amid ongoing fears of Covid-19 transmission, lack of adequate childcare, and the federal government’s generous unemployment benefits.

The number of available positions coincides with growing demand as the US economy reopens, with numerous businesses across the country attempting to fill positions that were previously furloughed as a result of the pandemic. The jump in vacancies was relatively broad across industries, particularly in the accommodation and food services sector, as well as manufacturing and construction. Job openings in accommodation and food services rose to nearly 1 million in March, marking the second highest jump in record.

Indeed, the Labour Department’s April employment print showed that there were a total of 266,000 jobs added to the US economy, which was significantly below consensus estimates that called for a 1 million gain. The worse-than expected payroll increase relative to the historically elevated job openings suggests that further labour market growth is being hindered by a shortage of labour supply, rather than demand for workers.


Information for this briefing was found via the Bureau of Labour Statistics and Bloomberg. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

The Goal is Gold Production as Soon as Possible! | Gordon Robb – ESGOLD Corp.

Snowline Gold: The Multi Billion Dollar Valley PEA

Euro Sun: Rovina Copper-Gold Project Secures Some Major Funding

Recommended

Antimony Resources Drills 4.17% Antimony Over 7.4 Metres At Bald Hill

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Related News

US Economy Unexpectedly Adds Another 339K Jobs in May

The latest jobs report for May shows a robust US economy, with a surge in...

Friday, June 2, 2023, 09:16:25 AM

US Retail Sales Disappoint With 0.3% Growth As Household Incomes Continue to Decline

As new coronavirus infections continue to spiral out of control across the US, it appears...

Tuesday, November 17, 2020, 02:17:00 PM

US Home Prices Jump by Most Since 2006, Outpacing Fed’s Inflation Target

Home prices across the US rose by the most since 2006, as low mortgage rates...

Tuesday, April 27, 2021, 05:09:00 PM

Nearly 6.7 Million American Households at Risk of Eviction Once Unemployment Benefits, Eviction Moratoriums Expire

Despite the continued increase in coronavirus cases across the US and many Americans still unemployed,...

Friday, July 3, 2020, 07:14:00 PM

The Budding “Coal War” Between US And Saudi Arabia

What used to be a strategic alliance is fast becoming a sour tinderbox for a...

Saturday, October 22, 2022, 11:10:00 AM