What’s going on:
The U.S. Bureau of Labor Statistics (BLS) published data from its Job Openings and Labor Turnover Survey (JOLTS) Wednesday morning. The data reveals that U.S. job openings rose in April by 358,000 to 10.1 million, according to Reuters.
The data reveals the rise in job openings was primarily driven by industries such as retail trade, healthcare and social assistance, transportation, warehousing, utilities, construction, finance, and insurance.
The survey’s data for the prior month was revised at a higher number as well. The number of job openings previously reported was 9.59 million, and the revised number is 9.75 million.
Why it matters:
The increase in demand for labor may suggest that the economy is regaining speed at the start of the second quarter. After a 3-month period of decreasing vacancies, the rise in job openings implies that there is a steady demand for workers across different industries. The availability of more job opportunities can positively impact job seekers, because it offers a wider range of options and potential pathways for career growth.
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How it’ll impact the future:
The persistent strength in the labor market may lead to further rate hikes by the Federal Reserve, impacting the cost of credit and potentially slowing down demand for goods. Labor data could be a factor that the Federal Reserve analyzes when considering whether or not to raise interest rates in June.
The labor data also shows that many businesses in the U.S. are still seeking workers across various skill levels and industries, and this could lead to more job opportunities and a stronger economy in the future.
