JOLTs job openings
JOLTS job openings rises to a new record in March 2022
  • JOLTS job openings moves to 11.549 million. That is a new all-time high the job openings index
  • prior month came in at 11.344 million revised up from 11.266 million
  • hires came in at 6.7 million. The high as rate was unchanged at 4.5%
  • separations including quits, layoffs, and discharges, and other separations edge up to 6.3 million (+239,000). The separations rate was little change of 4.2%
  • quits moved up to 4.5 million. That was a series high end up 152,000 for the month. The rate was little change in 3%. Quits increased in professional business services (plus 88K) and construction (plus 69K)
  • layoffs and discharges were little change of 1.4 million. The layoffs and discharges rate was little changed at 0.9%/

For the full report from the Bureau of Labor Statistics CLICK HERE

The data, although relatively old (it is from March), reinforces the strength in the economy as number of job openings pushes two new all-time highs (employment remains strong). In addition, employees are feeling empowered to quit and move to other jobs as evidenced by the series high in the quits rate.

The Federal Reserve will meet tomorrow and is expected to raise rates by 50 basis points. Although labor is a lagging indicator, the inflation expectations can be influenced by rising wages. The Fed is increasingly concerned about inflation and getting rates back toward neutral. The JOLTS data is congruent with a labor force that is empowered which coupled with the need for jobs from employers, is a recipe for higher wages and increasingly higher prices as a result.