The number of quits increased most significantly in the professional and business services sector, as well as construction. The overall quits rate moved up to 3%, a level not seen since December 2021.
The number of available jobs also rose, climbing to 11.5 million, the highest level since the data series began in December 2000, the Job Openings and Labor Turnover Survey showed.
The job openings rate inched back up to 7.1% from 7% in the prior two months. That means there were 1.9 job openings for every unemployed worker in March. Federal Reserve Chairman Jerome Powell has frequently pointed to the “unhealthy” tightness of the labor market, which is contributing to the high inflation. The central bank is set to announce monetary policy changes on Wednesday as it aims to cool the economy just enough to get inflation under control, but not so much as to bring the expansion to a halt. This could also shake up the labor market.
Retail and manufacturing job postings rose, JOLTS data showed, while government jobs and positions in transportation, warehousing and utilities decreased.
In spite of the record number of quits, hiring outpaced them in every sector, Gould added.
The message is clear: America’s labor market continues to barrel toward its pre-pandemic strength.
Economists and investors have more employment data to watch this week as the government’s official jobs tally for April is due Friday morning.
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