U.S. job openings surged to a record in March, putting vacancies roughly on par with the number of unemployed workers, Labor Department data showed Tuesday.
This story by Sho Chandra originally appeared in Bloomberg.
The figures are in sync with a Labor Department report last week that showed demand for workers remains solid. Employers increased payrolls in April, pushing the unemployment rate down to 3.9 percent, the lowest since December 2000, and March job gains were revised upward. Wage increases, though, remained tepid.
The increase in the quits rate, which is considered a measure of workers’ willingness to voluntarily leave because they’re confident of finding better employment, should be a positive for worker pay. Although it lags the Labor Department’s other jobs data by a month, the JOLTS report adds context to monthly payrolls figures by measuring dynamics such as resignations, help-wanted ads and the pace of hiring.
There was about one unemployed person per opening in March, compared with 1.9 people when the recession began at the end of 2007.