The Department of Labor’s March JOLTS report revealed that employers posted a record 11.5 million jobs in March. This means that the US had two job openings for every jobless worker last month.
March JOLTS Report: 2 Job Openings Per Unemployed Worker
Per the Bureau of Labor Statistics’ March JOLTS (Job Openings and Labor Turnover Survey) report, US employers posted 11.5 million job openings last March.
This roughly translates to two job openings for every unemployed American. The data also revealed that the country’s labor market is now tighter than ever.
In addition, a record 4.5 million American workers quit their jobs during the month. However, these workers are far from getting ready to stay at home and sulk.
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Reports indicate that many of them are actively seeking better-paying or less-stressful jobs. These workers remain confident that with the glut of openings, they can find a job that better matches their requirements.
March JOLTS Report Shows 1.4 Million Layoffs
Meanwhile, layoffs totaled 1.4 million in March. In contrast, February posted 1.35 million layoffs. During the height of the pandemic in 2020 and 2021, monthly retrenchments averaged 1.8 million.
The March JOLTS numbers show that the US job market remains on a very hot streak. For the past year, employers added an average of 540,000 new jobs every month.
Thai Friday, experts expect the US Labor Department to report that April brought about 400,000 new jobs. This will mark the 12th straight month that hiring increased by 400,000 or more.
Even as the pandemic continues to affect the country, massive government spending and ultra low-interest rates kept the country in a buying mood in 2020 and 2021.
The sudden rise in consumer demand forced companies to streamline hiring, with many firms offering premium rates. Along with the hiring, the frenzy was the continued scarcity of raw materials, delays in shipping due to a lack of haulers, and a driver shortage.
As a result, the prices of goods and services rose sky-high beginning in late February. Consumer prices rose by 8.5% last March compared to exactly a year earlier. This is the hottest inflation rate since 1981.
Uncertain Future Right Now
Now, in an effort to temper inflation. The Federal Reserve will gradually raise interest rates to slow down demand. With federal government money dried up and prices of oil and gasoline sky-high, inflation continues to remain a major concern.
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Even with the strong hiring numbers shown by the March JOLTS report, the US remains woefully short of workers. Currently, the country is still short 1.6 million workers from its February job postings.
This shortfall does not even include jobs that a growing US population should have assumed at this point. Despite the fears, Labor officials insist that the job market remains strong.
Nick Bunker, economic research director at the Indeed Hiring Lab, says the labor market remains in favor of the US worker.
“Employees have strong job security and confidence in their ability to find new work. The labor market is still very much a job seeker’s market. Something dramatic will have to happen for this to change anytime soon,″ he said.
Watch the Yahoo Finance news video reporting that the US labor market added 11.5 million job openings in March:
What do you think of the March JOLTS report saying that there are 2 job openings for unemployed Americans? Should employers worry about not finding enough workers for their vacancies?
Let us know what you think. Share your thoughts in the comments section below.