US job openings increased

US Job Openings Hit Record High

Photo: Reuters

With worker shortages persisting, US job openings increased to a record high in March. This suggests employers may continue to raise wages and keep inflation uncomfortably high.

The Labor Department recorded in its monthly Job Openings and Labor Turnover Survey (JOLTS Report) on Tuesday that job openings rose by 205,000 to 11.5 million on the last day of March. Job openings are considered a measure of labor demand.

Since the series started, the second straight monthly increase lifted job openings to the highest level. Economists polled by Reuters forecast 11 million vacancies.

The JOLTS data is being closely watched by Federal Reserve officials, who have adopted an aggressive monetary policy stance to battle sky-rocketing inflation, with annual consumer prices surging at rates last seen 40 years ago.

Last week, the government reported that compensation for American workers marked its highest increase in more than 30 years in the first quarter.

The Fed is expected to hike interest rates by half of a percentage point on Wednesday and may likely start trimming its asset holdings. In March, the US central bank raised its policy interest rate by 25 basis points.

Opinions expressed by San Francisco Post contributors are their own.

Liam Sanderford

Liam is currently taking his master’s degree in Information Science. He’s an avid supporter of LGBTQIA+ rights and access to information and free education for the marginalized sectors.

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