Job openings rise 7.6%

The Labor Department has said the number of job openings in January rose 7.6%, to 2.7 million, compared to December; this is the highest total since February 2009. Analysts say as many as 300,000 jobs may be added in March, a four-year high, giving rise to a hope of sustained employment gains and economic recovery. Joseph LaVorgna, chief U.S. economist at Deutsche Bank Securities, says a 450,000 payroll gain in March “can’t be ruled out,” and job gains are “going to convince people of the sustainability and durability of the recovery.” Some economists have cautioned that the job gains may not happen at a rapid pace. “It’s getting better, though not as quickly as you’d like,” said Dan Greenhaus, chief economic strategist at Miller Tabak. Indeed.com, which tracks job openings in 12 industries, said last week that 10 of the 12 industries posted more job openings in February than they did a year ago. “We have seen a sharp turnaround in the job market in the last few months,” said Paul Forster, CEO of Indeed.com. Among the 12 industries, hospitality and retail industries – which are critical to economic recovery – saw the biggest gains in job openings last month. When the recession began 1.7 people were competing for each opening. There are now 5.5 unemployed people, on average, competing for each job opening, against just over 6 people per opening in December 2009.

NorthWest Real Estate