US Job Openings Spike As News For Unemployed Improves

Job creation numbers from last May improved even when Census hiring was backed out.

US job openings as measured by the BLS hit a 15-month high for April another affirmation that unemployment is likely to improve

There were 3.1 million job openings on the last business day of April
2010, the U.S. Bureau of Labor Statistics reported today. The job
openings rate increased over the month to 2.3 percent. The hires rate
(3.3 percent) and the separations rate (3.1 percent) were unchanged.
This release includes estimates of the number and rate of job
openings, hires, and separations for the total nonfarm sector by
industry and geographic region.

The statistics show a loosening in the labor market. This is probably due to improved exports and sales for consumer electronics and manufactured goods. Last month, there were 5.1 job seekers for each open job, near a historic high, and that number should fall.

The numbers are also indicate that productivity figures have crested at a remarkably high level . Economists have questioned whether companies can squeeze more effort out of their existing employees.

The one dark cloud in the labor stats is that many of the jobs being created are not full-time, and do not carry benefits. It may take years for those to return.

Douglas A. McIntyre