U.S. job openings jumped to a record high in March as worker shortages persisted, signaling that companies could continue raising wages and keep inflation at unsustainably high levels.
Source: U.S. Bureau of Labor Statistics.
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The JOLTS report posted a record 4.5M people voluntarily quit their jobs, underscoring the rising wage pressures. Compensation for workers hit its largest increase in more than three decades in Q1.
Job openings increased by 205,000 to 11.5 million on the last day of March. The second consecutive monthly increase drove up job openings to the highest level since 2000.
Retail sector led other sectors, with an extra 155,000 unfilled jobs. Manufacturers of durable goods reported additional 50,000 vacancies.
Meanwhile, job openings fell by 69,000 in the transportation, warehousing and utilities industry. State and local government education had 43,000 fewer openings as vacancies in the federal government dropped by 20,000.
Job vacancies rose in the South but dropped in the Northeast, Midwest and West.