On Tuesday, US Labour Department’s monthly JOLTS (Job Openings and Labour Turnover Survey) report had reflected that the near-stagnant US labour market turned a corner last month after shrugging off jobs in December and the economy seemingly had maimed a concussion in employments following massive stimulus packages, as US Job Openings rose to a fresh two-year peak in February with hiring having been perked up.
In point of fact, in the day’s upbeat JOLTS data came against the backdrop of a robust domestic demand alongside an acceleration in pandemic vaccination push, while additional relief packages had helped businesses’ balance sheets hire more workers.
On top of that, Tuesday’s Labour Department report came forth just days after US non-farm payrolls data had unveiled the economy had added 916,000 jobs in March, while ISM’s (Institute of Supply Management) index for US Services Sector activities had spiked to a record high last month, the Tempe-based business research group said yesterday.
US Job Openings hit two-year peak in February
Concomitantly, according to US Labour Department JOLTS or Job Openings data, a closely monitored indicator of labour demands, US job openings soared 268,000 to 7.4 million as of February 28, marking up the strongest level since January 2019 while heaving job openings roughly 5.1 per cent up from their pre-pandemic level.
In tandem, there had been an additional 233,000 job openings in social assistance and health care industry, while accommodation and food service sector added 104,000 jobs. Meanwhile, as entertainment and recreation industry created 56,000 job openings in February, addressing optimisms of a brightening up of outlook further in US labour market, a lead US economist at Oxford Economics in New York, Lydia Boussour, said following the announcement, “Labor demand should continue to heat up as companies brace for a post-pandemic burst in pent-up demand”.