Post-Pandemic result in Job openings showing sharp decline, but still vastly outnumbering available workers

Post-Pandemic result in Job openings showing a sharp decline, but still vastly outnumbering available workers

Post pandemic data show in April the job openings dropped, meaning that the gap between the available workers and the openings is getting closer. Increasing your fico score is more important than ever as the gap now is 5.46 million against the 5.6 million from March. The gap is still high but this indicates that it is getting lower. This shortage of workers made the wages higher, feeding inflation, which has its highest levels since the early 1980s. 

This drop-in openings means that employers are focusing on expansion despite this inflation. Nevertheless, JOLTS has been looking for a shift in this picture. They found that the acceleration of manufacturing hires will have a cutback. Despite this, worker mobility remains strong. A report by JOLTS showed that in April around 4.4 million workers left their positions. It was the same situation as in March. There has been a “Great Resignation” and these numbers are only a reflection of that. This Great Resignation has created an unprecedented market movement. 

The only thing that changed through the month was a drop-off in the leisure and hospitality sector. There was a decline of 77,000 in hiring. The Dow Jones estimates that 328,000 more jobs will be added, and this will follow a gain of 428,000 in April. The Dow Jones also estimates that unemployment will drop to 3.5%.