US job openings hit all-time high in March as layoffs fall to lowest on record: JOLTS



by   |  VIEW 928

US job openings hit all-time high in March as layoffs fall to lowest on record: JOLTS

On Tuesday, the US Labour Department’s monthly Job Opening and Labour Turnover Survey, widely called as JOLTS report, had illustrated that the US job openings had hit a record high in March amid a chronic labour shortage as last week’s non-farm payroll data had missed analysts’ estimates by far, casting fresh doubts on pace of recovery in a seemingly booming US labour market.

Aside from that, US Labour Department’s monthly JOLTS report for March had also revealed that the layoffs fell a record low reading, piling up pressure on White House about Biden Administration’s $1.9 trillion pandemic stimulus bill which included an additional $300 per week in state unemployment benefits that happened to be higher than most minimum wage jobs, as many adult Americans seem to be preferring to stay on state unemployment benefits instead seeking for jobs in a pandemic-era new normalcy, suggested analysts.

US job openings hit record high in March

In tandem, according to US Labour Department’s JOLTS report published earlier in the day, US job openings, a closely monitored indicator of labour demands, climbed 597,000 to a record 8.1 million as of March 31, remarking the highest level since the Government had started off tracking the data back on December 2000, with accommodation and food services sector adding roughly 185,000 new jobs following an acceleration in vaccination campaign.

Meanwhile, referring to a steep mésalliance between businesses’ intent to hire more workers and workers’ hesitancy to reappear in the workforce, a senior economist at Moody’s Analytics in West Chester, Pennsylvania, Sophia Koropeckyj said, “As more restrictions are lifted throughout the country, more businesses are opening up.

However, there seems to be a mismatch between businesses' eagerness to return to some semblance of pre-pandemic normality and many workers' hesitation to step back into the workforce”.