The Bureau of Labor Statistics reports job openings jumped to about 7.62 million at the end of April, an increase from the 6.89 million in March, Inc. reports.
Exceeding economists expectations, the number of openings is the highest in nearly two years.
Although there appears to be positive momentum, there is a caveat. The postings don’t always become new jobs, creating a low-fire, low-hire dynamic.
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When people are not quitting their jobs, it could signal low confidence in the job market. Rising labor costs can also be a contributing factor causing employers to take their time with hiring decisions.
The report also shows that more than 90% of April’s surge was concentrated in white-collar jobs.
