Newsroom: Industry News
After a busy few weeks of data, there was a bit of a breather on new economic indicators out last week. Of the reports that were released, one of the standouts was nonfarm job openings, which exceeded 6 million for the first time ever. This was yet another sign that the labor market has improved significantly in recent months. Not surprisingly, with the U.S. economy approaching "full employment," many businesses cite challenges with attracting new talent as one of their top concerns. Postings in the manufacturing sector have also been elevated in recent months, including March’s all-time high of 404,000. However, in April, the pace of job openings decelerated to 359,000, and net hiring weakened. Nonetheless, I would continue to expect stronger job openings and hiring data moving forward, especially given recent improvements in the economic outlook for the sector.