JOLTS Spike, Wage Growth and Inflation Ahead
US job openings aka JOLTS rose to a record high in March, suggesting that a recent slowdown in hiring was probably the result of employers having difficulties finding qualified workers.
The monthly Job Openings and Labor Turnover Survey, or JOLTS, released by the Labor Department on Tuesday also showed more workers voluntarily quit their jobs in March, a sign of confidence in the labor market that economists believe will help to push up wage growth this year.
The labor market is hot and getting hotter, so higher wages and greater inflation are on the way.
Job openings, a measure of labor demand, increased by 472,000 to a seasonally adjusted 6.6-M. March’s job openings were the highest since the data series started in December 2000.
The job openings + 4.2%, also an all-time high. But hiring fell to 5.4 from 5.5-M in February, suggesting a skills mismatch. Job growth slowed in March and April after increasing by the most in more than 1.5 years in February.
There were 112,000 additional vacancies in the professional and business services industries. The construction industry had 68,000 more job openings and companies in the transportation, warehousing, and utilities sector had 37,000 unfilled positions.
Tuesday, the major US stock market indexes finished at:DJIA +2.89 at 24360.21, NAS Comp +1.69 at 7266.91, S&P 500-0.71 at 2671.92
Volume: Trade on the NYSE came in at 894-M/shares exchanged
- NAS Comp +5.2% YTD
- Russell 2000: +2.8% YTD
- S&P 500 Unch YTD
- DJIA -1.5% YTD
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