Inflation remained front and center on Wall Street as fears the Federal Reserve may be forced to raise interest rates sooner than telegraphed keep high-growth, large-cap technology stocks under pressure.
Specifically, economists are worried about shortages on the supply side of the U.S. economy: A lack of commodities, labor and other inputs to produce the totality of all the goods and services demanded by other businesses and American consumers.
The Labor Department s April jobs report released on Friday initially relieved some investors of their Fed fears with a far-weaker-than-expected 266,000 payrolls added. The kneejerk reaction on Wall Street assumed that the economy added far fewer jobs because employers didn t want to hire workers in the numbers expected.
Job openings surge to a record high 8.12 million
The number of vacancies exceeded hires by more than 2 million, the largest gap on record and evidence of current hiring challenges.
By Olivia RockemanBloomberg
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U.S. job openings surged in March to a record high, underscoring a rapid increase in labor demand as vaccinations accelerate and states reopen their economies.
The number of available positions increased to 8.12 million during the month, the highest in data back to 2000, from an upwardly revised 7.53 million in February, the Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS, showed Tuesday. The median estimate in a Bloomberg survey of economists called for 7.5 million openings.
AP
Despite a record number of jobs available in March, total job gains increased only modestly, according to a Labor Department report issued Tuesday.
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WASHINGTON U.S. employers posted a record number of available jobs in March, illustrating starkly the desperation of businesses seeking to find new workers as the economy expands.
Yet total job gains increased only modestly, according to a Labor Department report issued Tuesday. The figures come after the April jobs report, released Friday, that fell far short of economists’ expectations, largely because companies appear unable to find the workers they need, even with the unemployment rate elevated at 6.1%.
US Job Openings Reached Record Levels To Start April; Northeast Had Nearly 1.5 Million
BOSTON (CBS/AP) Millions of Americans are out of a job, but businesses hurt by the coronavirus pandemic say they can’t find enough workers.At the end of March, the federal government says there were 8.1 million job openings in the United States – a record high. About 1.5 million were in the northeast.The industries which need the most workers are accommodation and food service, state and local government, education and arts, entertainment and …
3 days ago|United States