May 3, 2022 - Economy

U.S. job openings reach record in March

Data: U.S. Bureau of Labor Statistics; Chart: Axios Visuals

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.

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