U.S. job openings reach record in March
- Hope King, author of Axios Closer
A record 4.5 million people quit their jobs in March, while the number of job openings in the U.S. reached a new high.
Why it matters: Workers aware of their advantage are continuing to ask for and receive higher wages, which in turn continues to help prop up inflation — already at its highest point in over 40 years.
State of play: Job openings reached a new high of 11.5 million by the end of March, which means there are now two job openings for every unemployed person.
By the numbers: Employers are still desperate for workers — particularly in retail and durable goods (appliances, cars and trucks) manufacturing.
- Retail workers are also among those expecting some of the highest salary increases, according to a report from Glassdoor today.
Yes, but: “This could be the peak of the hot job market,” Ron Hetrick, Senior Economist at Emsi Burning Glass, wrote in a note today.
- “With GDP declining in the first quarter, it would make sense for the job market to cool off in the near future.”
What to watch: The Federal Reserve is expected announce a 50 basis point hike in interest rates tomorrow.