QUITS, JOB OPENINGS SET RECORDS IN MARCH

The number of open jobs in the U.S. averaged 11.5 million in March, up slightly from 11.3 million in February, the U.S. labor department reported, and exceeded the record of 11.4 million set last December.

In March, there were two open jobs for every unemployed person in the country, according to department figures.

Jobs in food service, hospitality, arts, and entertainment had the most openings; health care also was acutely short of workers.

Also in March, 4.5 million workers quit their jobs, a new record after November’s 4.4 million.

The number of jobs advertised by companies with more than 5,000 workers has more than doubled since February 2020, according to jobs website ZipRecruiter.com.

Vacancies among those companies were especially large in number among manufacturers, retailers, professional services, and educational institutions, the data showed, and were most numerous in the South.

Average wages grew 5.6 percent in the 12 months ending 31 March, with job-switchers often winning double-digit pay increases, The Wall Street Journal reported.

However, inflation over the same 12 months ran at 8.5 percent, according to the Bureau of Labor Statistics, more than wiping out those raises.

Pre-COVID, the average annual gain was slightly more than 3 percent, the labor department noted.

“As businesses continue to face high turnover, and the gap between labor and supply widens yet further, businesses will continue to experience upward pressure on wages,” Julia Pollack, ZipRecruiters’ chief economist, said to the WSJ.

Employers took on 6.7 million new workers in March, slightly less than the month before.

TREND FORECAST: As Dragflation sets in, more jobs will be lost and despite inflation rising, contrary to what The Street expects, the upward pressure on wages will weaken as business slows and profit margins shrink.