There are more than enough job openings, at 6.550 million in March, to give everyone who's looking for a job, at 6.346 million in April's employment report, a job. And though 5.425 million were hired in March, the gap between openings and hires in today's JOLTS report, at 1.125 million, is the largest on record which suggests that employers are having a hard time finding people with the right skills. The Bureau of Labor Statistics describes the results as a 1-to-1 ratio between the unemployed and job openings which it says is an historic low.
Openings in this report, underscored strongly by March, have been on a sharp climb and clearly hint at the risk of overheating in the labor market, that demand for labor is surpassing supply. Though wage pressures have remained limited and have been giving the Federal Reserve breathing space to keep on a gradual path of rate hikes, today's report does invite questions over capacity stress and wage inflation.