Posted on 06/01/22
| News Source: The Hill
Job openings remained at near record highs, according to a report released Wednesday from the Bureau of Labor Statistics.
U.S. job openings decreased slightly to 11.4 million on the last business day in April, according to the Job Openings and Labor Turnover report. About 4.4 million Americans quit their jobs in April.
New hires were little changed, at 6.6 million, and job separations remained around 6 million.
Unemployment was lower in April than a year earlier in 388 of the 389 metropolitan areas surveyed. About 170 regions had unemployment rates less than 3 percent, with the overall unemployment rate reported in May standing at 3.6 percent.
The news comes as the U.S. battles record inflation not seen in 40 years, with prices on consumer goods up 8.3 percent since last year.
Economists say that one of the core drivers of inflation, in addition to supply chain disruptions following the pandemic, is an exceedingly high level of employment, what’s sometimes called a “tight labor market.”
High demand for workers pushes up wages and is good news for job seekers. But it also keeps prices high, with industries paying higher overhead to produce their goods.