The numbers: The number of job openings in the US rose in March to a year record 6.55 million from 6.1 million, showing companies are still eager to add workers to the economy, which is growing solid almost nine years after the last recession.
What happened: Career and Employment vacancies climbed by 112,000. The number of vacancies in construction increased by 68,000. The number of transport and storage jobs increased by 37,000.
Approximately 5.4 million people were hired and 5.3 million lost their jobs in March, the Department of Labor reported.
The proportion of people who were self-employed, known as the receipt rate, was 2.5% among private sector employees. That's a high after the recession. It was 2.3% for all workers. People quit their job if they are more confident in finding a better job – typically a sign of a very strong job market.
Large Image: How good is the job market today?
Here is the positive view. The number of unemployed Americans per job opening fell to a record low of 1.01. In other words, there is only one person who has no job for every job in the US. The number of jobless jobseekers peaked at 6.7 at the end of the Great Recession. Pessimistically, companies hired just 5.4 million a worker in March even when they advertised 6.55 million openings, noted Moody's Analytics. This suggests that companies have difficulty finding qualified workers or that they do not see an urgent need to fill open positions.
However, the economy is still adding many new jobs. In April, the US created 164,000 new jobs and the unemployment rate fell below 4% for the first time since December 2000.
With so many jobs coming in, more or less Americans are entering the workforce, and this contributes to one of the longest extensions in US history.
Also read: Biggest problem for small businesses is the search for skilled labor
The Federal Reserve, for its part, sees the job market as so hot that the central bank may be forced to make interest rates more aggressive if not because of the surprisingly low wage increases for the workers. Worker wages are still not rising fast enough to trigger an inflation alert.
What They Say The record job vacancy report "contributes to the blistering labor market history that will focus the Fed on further rate hikes and markets with rising inflation expectations," said Scott Anderson, Bank of the West Chief Economist ,
Market Reaction: The Dow Jones Industrial Average
and Standard & Poor's
fell modestly in Tuesday trading. The 10-year Treasury Return
TMUBMUSD10Y, + 0.96%
rose slightly to 2.97%.