In April, the job openings in the U.S. economy increased to a new record high of 9.3 million available jobs as the U.S. economy strongly recovers from the COVID-19 pandemic, according to the data released by the U.S. Bureau of Labor Statistics on Tuesday.
- Fed Policy makers use the Job Openings and Labor Turnover Survey (JOLTS) data as an indicator of labor market slack.
- The market expectations of 8.18 million JOLTS figures were surpassed. The hiring numbers froze in April. The hiring rate remained the same from the past month at 4.2%
- Major challenges, including child care problems, ongoing fears over the pandemic, and the improved unemployment benefits have made it difficult for employers to find available labor.
Quits, a measure for worker confidence that they could find another job, increased significantly to 3.95 million.
DJI dips –0.35% on the news.