US jobs opening jumps to two- year high in boost to labor market
In February U.S. job openings rose to two years high while hiring picked up as strengthening domestic demand amid increased COVID-19 vaccinations and additional pandemic aid from the government boost companies’ needs for more workers.
On Tuesday The Labor Department’s monthly Job Openings and Labor Turnover Survey, or JOLTS report, was the latest indication that the labor market had turned the corner after shedding jobs in December as the nation buckled under a fresh wave of COVID-19 infections and depleted government relief.
Lydia Boussour, Lead U.S economist at Oxford Economics in New York said, ”Labor demand should continue to heat up as companies brace for a post-pandemic burst in pent-up demand.”
Job opening a measure of labor demand increases 268000 to 7.4 million as of the last day of February. That was the highest level since January 2019 and pushed job opening 5.1% above their pre-pandemic level.
The second straight monthly rise in vacancies lifted the job openings rate to a record of 4.9% from 4.7% in January.
But vacancies decreased in state and local government education as well as educational services and information.
The Labor market is being boosted by an acceleration in the pace of COVID-19 vaccinations and the White House’s recently passed $1.9 trillion pandemic relief package, which is sending additional $ 1,400 checks to qualified households and fresh funding for businesses.
