- Andrew Chamberlain, chief economist at employment site Glassdoor
The number of job openings hit the highest level on record in April, according to the Labor Department, adding to signs of health in the US labour market. The US recorded 5.4 million job openings in April, compared with 5.1 million in March and the highest level since the department began conducting the Job Openings and Labor Turnover Survey in 2000. The number of hires came in at 5 million, a slight declined from March. The share of workers who voluntarily quit their jobs fell slightly in April but remained at 1.9%. For the year, job openings rose in services, health care and social-assistance sectors, but dropped in mining and logging industries, reflecting companies' reaction to sharp decline in energy prices. The number of hires for the year grew among hotel and food-service sectors as well as among state and local governments. The high number of job openings could be a bellwether of higher wage growth ahead.
The Federal Reserve closely watches the Jolts report. Fed Chairwoman Janet Yellen considers the number of people who voluntarily quit their jobs each month one of the key indicators of the labour market's health. In a growing economy, workers are more willing to leave their jobs as they are confident of finding another one soon. Meanwhile, according to the latest US Manpower Employment Outlook Survey, US employers' hiring intentions are among the strongest globally for the third quarter of 2015.
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