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As U.S market reopens its sets a record of 9.3 million new job openings in the labor market

As the economy is rapidly recovering from the pandemic it has created more employment opportunities making a record of 9.3 million jobs. The markets had been closely monitoring the JOLTS number for indications. The total openings publicized by the JOLTS were just as the count that was unemployed. The percent of job availability increased by 32.7% in the leisure and hospitality sector.

The leisure and hospitality was badly struck by the pandemic lockdowns. When the job hiring was disappointed due to the lockdown, in less than a month the market saw a big jump in job openings.The labor Department struggled with the virus situation, but according to the latest reports released by the JOLTS, the labor market is indicated to grow strong in the coming days.

However, one of the big challenges for the hiring firms will be to find available labor. As there are child-care issues and fear of the covid infections the unemployment rolls are at 9.8 million. But as compared to the pre-pandemic situation the count is as more as 3.6 million.The hiring rate for the previous months remained at 69,000. The quits rates of the employees in search of new job opportunities rose to 3.95 million that means 384,000 employees quit their jobs. The record has seen 10.8% of increase.

This recent increase in the number of job openings shows that it is a hard situation for the firms as they are facing challenges in filling the job openings.  Also, according to the data published by JOLTS the number of job quits in the search of new opportunities is also high. It stated that the workers are confident that they will get new job and are confident on their abilities.Daniel Silver, the JP Morgan economist said that, the current scenario in the job market signals that there is a need for the firms to increases their wages and take other measures.

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