The Labor Department reported on Wednesday that there were 11 million job openings at the end of January, a sign the labor market remains extremely tight.
A large"Now Hiring" advertisement posted on the windows of the Advance Auto Parts store in Bay Shore, New York on March 24, 2022.closely watches these figures as it tries to gauge labor market tightness and wrestle inflation under control. The stronger-than-expected figure indicates that demand for employees still far outpaces the supply of available workers.
"The job openings report is a bit of an outlier – labor market data have been sending mixed messages recently," said Bill Adams, chief economist for Comerica Bank. "The truth is probably that the job market was running incredibly hot in early 2022 and has lost momentum since then, but with the effects varying pretty widely across sectors and geographies.
Job seekers visit booths during the Spring Job Fair at the Las Vegas Convention Center Friday, April 15, 2022.The number of Americans quitting their jobs, meanwhile, was largely unchanged at 4.1 million, or roughly 2.7% of the workforce, indicating that workers remain confident they can leave their jobs and find employment elsewhere.
Switching jobs has been a windfall for many workers over the past year, with employees seeing an average 7.7% annual wage growth rate in November from the previous year – up from the 5.5% received by workers who do not switch jobs,
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