4.5 million quit jobs: BLS
A record 11.5 million job openings were posted by employers in March while nearly 4.5 million Americans quit or changed jobs, matching previous highs. This reflects the continued strength of the labor market where workers have the upper hand. Meanwhile, the Bureau of Labor Statistics reported on Tuesday that there were 6.7 million new hires with the numbers remaining steady.
Economist Julia Pollack says, "Demand for workers remains white-hot. This is very broad, enormous growth. Even though we’ve almost recovered all of the jobs lost in the pandemic, the labor market just keeps getting tighter and tighter."
This data on job openings and the number of workers quitting could also play into discussions about curbing inflation. Federal Chair Jerome H Powell says the “extremely, historically” tight job market is the reason why the economy can withstand higher interest rates without tumbling into recession. Overall, the number of job openings grew in March from a year earlier. The demand for workers rose most in retail, manufacturing and finance and insurance.
Source: The Washington Post
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