Concerns Over Persistent Inflation Amid Worsening US Labor Shortage... March Job Openings Reach Record High

[Asia Economy New York=Special Correspondent Joselgina] Last month, the labor shortage among U.S. companies reached the highest level since related statistics began being compiled. This is adding upward pressure to already rising worker wages, increasing concerns about inflation.

According to the March Job Openings and Labor Turnover Survey (JOLTS) released by the U.S. Department of Labor on the 3rd (local time), the number of job openings last month increased by 205,000 from the previous month to 11.55 million. This also exceeds the expert forecast of 11.2 million. It is the highest number ever recorded since related statistics began being compiled in December 2000.

The number of quits in March was 4.54 million, an increase of 152,000 from the previous month. This is also a record high. The quit rate stood at 3%.

With the labor shortage reaching its highest level, upward pressure on U.S. worker wages has intensified. This is expected to further exacerbate the inflation issue in the U.S., which is at its highest level in over 40 years, and accelerate the Federal Reserve's (Fed) aggressive tightening measures.

Bloomberg Economics predicted that starting with the May Federal Open Market Committee (FOMC) regular meeting held on the 3rd and 4th, the Fed will implement three consecutive big steps of 0.5 percentage point hikes at once through the July FOMC.

This content was produced with the assistance of AI translation services.