Record High: U.S. Now Has 2 Job Openings for Every Person Who Is Unemployed
Latest data from the Bureau of Labor Statistics reveals employers posted a record high of 11.5 million job openings in March.
The fight for labor continues, and empty positions continue to pile up: 11.5 million job openings were posted in March. The new data from the Bureau of Labor Statistics reveals just how expansive the labor shortage is, further exacerbating inflation as the job market tightens.
With a tight labor market and seemingly endless openings, Americans have been quitting their jobs in droves — with 45 million giving notice in March alone.
The space between employers and the unemployed has been steadily expanding since 2020, with an average of 540,000 jobs added every month over the past year. According to data from FactSet, the Labor Department is expected to report this week that 400,000 jobs were posted in April, which would mark the twelfth month in a row where hiring has come in at 400,000 or more.
Related: Apple Makes Major Moves to Combat Labor Shortage
Many companies found themselves unprepared for the rebound of spending following the unprecedented Covid-19 affects on the economy, and have been scrambling to hire workers and meet consumer demand — resulting in significant supply-chain delays and rising wages to attract workers, but contribute to inflation.
Inflation jumped to a staggering 8.5% in March, the highest surge in 40 years, and the lopsided job market isn't doing any favors for the record-high consumer price index.
With a strong job market and a swarm of opportunities, job seekers have leverage and access to record-high wages. Unfortunately, the wage gains may have unintended consequences for rising inflation rates.
Still, countless positions need to be filled, and if you're looking, now's the time to apply — really, you have millions of options.
Related: "The Great Resignation," And The Future Of The Workplace