The number of available jobs in the U.S. grew to a record 8.12 million at the end of March.
The Job Openings and Labor Turnover Survey report published Wednesday showed the number of available positions continues to grow each month as the country's economy rebounds.
The number of open job positions grew from a revised 7.53 million in February, the JOLTS report showed. The figure in the report was significantly higher than the economists' median estimate of 7.5 million openings for the month.
According to the report, the number of vacant positions exceeded new hires by more than 2 million. This was the largest gap on record and highlighted the hiring challenges faced by companies today. The report said people are still reluctant to accept positions due to ongoing fears of getting infected by the coronavirus as well as other factors such as unemployment benefits.
The number of jobs available coincides with the accelerated economic reopening as more people get vaccinated across the nation. Companies that have reopened are now scrambling to fill positions lost during the height of the crisis last year.
The high number of job openings was fairly broad across the services, manufacturing, food and construction industries. Job openings in the accommodations and food services hit nearly 1 million in March, indicating a strong rebound in the sector. In terms of regions, job openings in the Midwest and Northeast led with bigger monthly gains.
The April employment report released by the U.S. Labor Department last week also supports the continued increase in vacancies. The report showed that the U.S. had added 266,000 new jobs last month, slightly below average estimates.
Analysts said that the weaker-than-expected payroll increase coupled with the record-high job openings in recent months indicates that labor supply may be the issue. The reluctance of some people to go back to work is likely the main factor holding back employment growth.
For the month of March, voluntary exits increased to 3.51 million. Meanwhile, separations - including layoffs of quits - decreased to 5.32 million from 5.43 million in the previous month.
