The number of job openings rose to another all-time high in April, according to data released Tuesday by the Labor Department. At the same time, the rate at which firms are hiring new workers fell to a one-year low.

Why it matters: Firms are demanding more labor, but not finding qualified workers, even as millions of Americans remain unemployed or outside the formal labor market. This is evidence of an expanding skills gap between what Americans can do and what Corporate America needs done. It may also convince some Federal Reserve members that wage inflation is on the horizon, and could motivate the central bank to raise rates again when it meets next week.