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Job openings hit record high in April, hiring surges in May

Published: June 10, 2015
Job openings hit a record high in April, suggesting employers are having trouble finding and retaining workers. Economists say those trends should support wages.

The U.S. Department of Labor reported job openings nationwide reached a record 5.38 million at the end of April, up 22 percent from last year and the highest since the measurements began in late 2000.

Neil Dutta, head of U.S. economics at Renaissance Macro Research, said the numbers indicate a labor shortage that could support accelerating wages. Another sign of wage growth was an increased number of workers who quit their jobs in April, up 11 percent from last year, signaling their confidence in the economy by exchanging stability for new opportunities.

Hiring surged in May as the U.S. added 280,000 jobs. According to Dow Jones, average pay rose 8 cents to $24.96/hour and has increased 2.3 percent in the past 12 months, the highest rate since mid-2013, suggesting that the recent hiring boom is forcing companies to pay more to attract workers.