US Job openings jump to fresh record high in April; layoffs hit all-time low

by   |  VIEW 561

US Job openings jump to fresh record high in April; layoffs hit all-time low

On Tuesday, US Labour Department data had unveiled that US job openings had skyrocketed to a record high in April, while more Americans voluntarily quitted jobs in light of a massive Government stimulus, suggesting a latest lull in US job growth might be due to supply restraints.

On top of that, US Labour Department’s monthly JOLTS or Job Openings and Labour Turnover Survey data, a closely monitored proxy for health of US labour market, released earlier in the day unenveloped that US job openings soared by nearly a million in April, remarking the strongest level since Government had begun to track down the data back in 2000s, while layoffs had also hit an all-time low in April as employers appeared to be grappling with an upscaled domestic demand amid a ludicrous labour market moderation.

Surprisingly, the report showed that a large number of Americans had voluntarily quitted their jobs in April, too.

US Job openings hit record high, layoffs dip to all-time low

In tandem, according to US Labour Department’s monthly JOLTS report, US Job openings soared by a record 998,000 to 9.3 million in April, the strongest reading since Government had started off tracking the data, with a sharp shoot-up in vacancies spreading across all four regions and nearly all industries including Government sectors.

Meanwhile, referring to an increase in voluntary quits amid frets of contracting the pandemic pathogen alongside a mammothlike Government stimulus, a senior economic advisor at Brean Capital in New York, Conrad DeQuadros said followed by the data, “The evidence continues to grow that the lacklustre job creation of recent months is a result of constraints on labor supply and that the labor market is tight.