One month after the number of US job openings reported by the JOLTS unexpectedly tumbled by 176,000 led by food service and construction workers, all it took was a month of revised data to set the seasonally-adjusted, statistically inferred US labor market back on track, and according to the latest JOLTS report, in March the number of job openings soared by 472,000, from 6.078 million to a record 6.550 million, the highest number of vacant jobs on record…
… and the biggest cumulative 3-month increase in job openings in history.
The number of job openings increased for total private jobs (+439,000), and edged up for government.
According to the BLS, job openings increased in a number of industries, with the largest increases in professional and business services (+112,000), construction (+68,000), and transportation, warehousing, and utilities (+37,000). The number of job openings increased in the Northeast and Midwest regions.
Yet while job openings jumped, the number of total hires posted a modest decline from a revised 5.511 million in February to 5.425 million in March. The number of hires was little changed for total private and for government. Hires decreased in finance and insurance (-32,000).
The other closely watched category, the level of quits – which indicates workers’ confidence they can leverage their existing skills and find a better paying job – continued last month’s increase, and in March rose to 3.344MM from 3.208MM, just shy of the all time high hit at the start of the century, suggesting workers were feeling quite confident about demand for their job skills than the previous month. The number of quits edged up for total private and was unchanged for government. Quits increased in other services (+71,000). The number of quits increased in the Midwest region.
And with a total 5.3 million separations (a 3.6% rate), this means that there were 1.6 million layoffs and discharges in March, virtually unchanged from February. The layoffs and discharges rate was 1.1 percent in March.The number of layoffs and discharges was little changed for total private and for government. Layoffs and discharges decreased in health care and social assistance (-35,000). The number of layoffs and discharges was little changed in all four regions.
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