The
Job Openings and Labor Turnover Survey (JOLTS) published by the Labor
Department on Tuesday revealed a 7.9 percent m-o-m surge in the U.S. job
openings in March after a revised 6.0 percent m-o-m advance in February
(originally a 3.8 percent m-o-m gain).
According
to the report, employers posted 8.123 million job openings in March compared to
the February figure of 7.526 million (revised from 7.367 million in the
original estimate) and economists’ expectations of 7.500 million. This was the highest reading since the series began in December 2000. The job openings rate was 5.3
percent in March, up from a revised 5.0 percent in the prior month (originally
4.9 percent). The report showed that the number of job openings rose in a
number of industries with the largest increases in accommodation and food
services (+185,000 jobs), state and local government education (+155,000), and
arts, entertainment, and recreation (+81,000), but declined in health care and
social assistance (-218,000).
Meanwhile,
the number of hires increased 3.7 percent m-o-m to 6.009 million in March from
a revised 5.794 million in February (originally 5.738 million). The hiring rate
was 4.2 percent in March, up from an unrevised 4.0 percent in the prior month. Hires went up in state and
local government education (+62,000), educational services (+31,000), and mining
and logging (+17,000).
The separation rate in March was 5.322 million or 3.7 percent, compared to 5.429
million or 3.8 percent in February. Within separations, the quits rate was 2.4
percent (flat m-o-m), and the layoffs rate was 1.0 percent (-0.2 p.p. m-o-m).
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