U.S. job openings rise to record, exceeding number of unemployed
U.S. job openings unexpectedly rose to a fresh record in April, with vacancies increasingly exceeding the number of unemployed workers amid a robust labor market, Labor Department data showed Tuesday.
The gains reinforce the view that the economy is creating jobs at a pace that can absorb any remaining labor-market slack. The report follows data released last week that showed payrolls increased more than forecast in May, the unemployment rate fell to 3.8 percent, matching April 2000 as the lowest since 1969, and wages also picked up.
March’s upward revision made it the first time in data back to 2000 that vacancies exceeded the number of unemployed, a gap of 48,000. That difference grew to 352,000 in April and is poised to keep widening, as the number of unemployed dropped further in May, to 6.07 million.
Although it lags the Labor Department’s other jobs data by a month, the JOLTS report adds context to monthly payrolls figures by measuring dynamics such as resignations, help-wanted ads and the pace of hiring.