Job Openings Hit Record-High in April

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Key Highlights

  • Employers posted 9.3M jobs in April
  • This 9.3M jobs figure up +2M more than pre-pandemic

Job Openings Hit 9.3M in April

According to the latest from the monthly Jobs and Labor Turnover Survey from the US Department of Labor, US employers posted 9.3M jobs at the end of April 2021.

This surge in job openings is more than +2M job openings that were posted pre-pandemic. This figure is also the largest number of job openings in the two decades the Labor Departmenthas been recording this data.

Hiring Increased in May, Just Not Enough

Payrolls grew by 559,000 workers in May and spurred the unemployment rate to fall to 5.8%.

The average monthly job gain in March, April and May came in at approximately 540,000 jobs.  At this rate of job growth, experts predict it will be well into 2022 before the labor market recovers to pre-pandemic levels.

Combined Numbers Represent Both Good News and Patience

In April, according to this Labor Department survey, there was about one unemployed worker for every available job in April.  Though above pre-pandemic levels when there were fewer unemployed workers than available jobs, these numbers, both job openings and unemployment numbers, represent a faster turnaround than after the last recession.

Currently, there are more than 8M job openings and 9.3M workers unemployed.  Rubeela Farooqi, chief US economist with High Frequency Economics,said, “It’s probably going to be a bumpy ride from here till September.”

Due to the choppiness of the labor market, patience is the name of the game. Job seekers are in a better position than they were pre-pandemic as many businesses are offering signing bonuses and other incentives.

Nick Bunker, director of research with Indeed, said, “More than a year after horrific job losses and wage cuts, job seekers have a strong hand in the labor market again.  Demand for workers is surging as the broader economy starts to emerge from the pandemic.”

 

Thanks to The New York Times.

 

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