An amazing record has been set in the US: there are 5 million more open vacancies than unemployed

The U.S. Bureau of Labor Statistics reported on March 29 that a growing number of Americans quit their jobs in February, and there are now 5 million more vacancies than unemployed, reports CNBC.

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A study of vacancies and employee turnover showed that 4,35 million people quit in February, up 94 from the previous month. It's also a slightly higher percentage of the workforce, up 2,9% from 2,8%.

At the same time, 11,27 million vacancies were opened this month, which is only slightly less than in January. However, with the total number of those considered unemployed reduced to 6,27 million, this left a record 5 million more vacancies than available workers. There were 1,8 jobs for every unemployed person.

Education and health care had the highest vacancy rate for the month at 2,23 million, followed by professional and business services at 2,1 million, and trade, transportation and utilities at 1,86 million.

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The layoff rate was below the November 2021 high of 4,51 million, which was 3% of the total workforce. The highest level was in trade, transport and utilities - 1,06 million people. Leisure and hospitality, an important indicator of pandemic-era economic recovery, was unchanged at 5,6%.

The increased rate of layoffs is part of what some are calling the "Great Retirement," in which workers were able to leave their current positions in search of better opportunities.

Hiring increased by 263 in February to 000%, while layoffs fell to 4,4 million.

Federal Reserve officials are closely monitoring the JOLTS report for signs of a weakening labor market. The extremely tight employment picture has fueled higher inflation, which in turn has pushed the Fed to raise interest rates.

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An important snapshot of the labor market will be made on April 8, when the BLS releases data on nonfarm payrolls for March. Economists polled by Dow Jones expect an increase of 490 and an increase in the average hourly wage of 000% for the month and 0,4% for 5,5 months.

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