Tue May 08 09:00:00 CDT 2018

Consensus Consensus Range Actual Previous Revised
Job Openings 6.100M 6.000M to 6.200M 6.550M 6.052M 6.078M

There are more than enough job openings, at 6.550 million in March, to give everyone who's looking for a job, at 6.346 million in April's employment report, a job. And though 5.425 million were hired in March, the gap between openings and hires in today's JOLTS report, at 1.125 million, is the largest on record which suggests that employers are having a hard time finding people with the right skills. The Bureau of Labor Statistics describes the results as a 1-to-1 ratio between the unemployed and job openings which it says is an historic low.

Openings in this report, underscored strongly by March, have been on a sharp climb and clearly hint at the risk of overheating in the labor market, that demand for labor is surpassing supply. Though wage pressures have remained limited and have been giving the Federal Reserve breathing space to keep on a gradual path of rate hikes, today's report does invite questions over capacity stress and wage inflation.

Market Consensus Before Announcement
Job openings are expected to rise slightly in March to 6.100 million vs February's 6.052 million. Openings in this report have been well ahead of hirings suggesting that there are more jobs than workers.

The Labor Department's JOLTS report tracks monthly change in job openings and offers rates on hiring and quits. The reporting period lags other employment data including the employment situation report. The word JOLTS stands for Job Openings and Labor Turnover Survey.

Although lagging the release timing of the employment situation report by a month, JOLTS provides additional information on the labor market. The payroll survey in the employment situation report provides numbers on net job changes. JOLTS breaks down labor market data into pre-net changesâ€such as job openings, hires, and separations.