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Employers post record 11.5 million job openings in March – Oklahoma City, Oklahoma

Oklahoma City, Oklahoma 2022-05-03 16:01:57 –

On April 1st, a restaurant in Schaumburg, Illinois will display a recruitment sign. (AP photo / NamY.Huh)

Washington – Employers posted a record 11.5 million jobs in March. This means that the United States has two unprecedented jobs per unemployed.

The latest data released by the Bureau of Labor Statistics on Tuesday contributed to the biggest inflation surge in 40 years, while encouraging millions of Americans to look for higher-paying jobs. Labor market is further revealed.

A record 4.5 million Americans quit their jobs in March. This shows that we are confident that we can find better wages and improved working conditions elsewhere.

Layoffs, which ran about 1.8 million people a month before the pandemic hit the economy in early 2020, increased from 1.35 million in February to 1.4 million in March.

The US employment market is growing rapidly. Employers have added an average of over 540,000 jobs per month over the past year. According to a study by data firm FactSet, the Ministry of Labor will report on Friday that the economy created another 400,000 new jobs in April. This shows that more than 400,000 people have been hired for the unprecedented 12 months in a row.

The US economy and job markets have rebounded unexpectedly from the short but catastrophic coronavirus recession of 2020. This was boosted by huge government spending and ultra-low interest rates designed by the Federal Reserve.

Distracted by the sudden recovery in consumer demand, companies hired workers and scrambled them for inventory on the shelves. They were forced to raise their wages, and factories, ports and cargo yards were overwhelmed by traffic. As a result, shipments were delayed and prices were high.

Consumer prices in March rose 8.5% year-on-year. This is the highest inflation rate since 1981.

I’m not sure where to go from here. The Fed is raising short-term interest rates to combat inflation. The COVID-19 stimulus from the federal government is gone. And the war in Ukraine has clouded the economic outlook.

Despite strong employment, the United States still lacks 1.6 million jobs in February 2020, just before the colonavirus hits the economy. And that shortage does not take into account the additional work that should have been added due to population growth.

Anyway, for now, the employment market looks strong.

“Employees are confident in their ability to find strong employment security and new jobs,” said Nick Bunker, Director of Economic Research at IndeedHiringLab. “The labor market is still a very job seeker market. For this to change quickly, something dramatic will have to happen.”

Employers post record 11.5 million job openings in March Source link Employers post record 11.5 million job openings in March

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