Job openings for the month of April soared to their highest level in almost seven years. The economists believe that this rate is a sign that the labor market is regaining its strength after a tough winter season.
The Labor Department released their job reports on Friday and the report stated that the employers recruited candidates for 4.5 million job openings for the month of April, which was up from 4.2 million in March and has been recorded to be the highest level since September 2007.
Openings are “in shouting distance” of their pre-recession high, 4.7 million in March 2007 according to many analysts. The economists are stating that there could be the full employment soon and the economy is performing better than what they had expected.
While the openings surged in April, the employer’s pace of hiring did not change much for the month. Hirings were 4.7 million, which was about the same as the previous two months according to the Labor Departments reports.
The results announced in the report are better than what they were an year ago, when the hirings averaged 4.4 million in the first four months of 2013, but before the recession, in 2004 through 2007, monthly hirings were routinely over 5 million.
The report announced on Tuesday comes from the Labor Department monthly Job Openings and Labor Turnover Survey, which is closely followed by economists and Federal Reserve policy markers for the insights into labor market trends.
The report states that the openings have grown in every region of the country in April. The highest improvement was in the Midwest where, the openings have increased 13% from March and have topped a seasonally adjusted 1 million for the first time since August 2001.
The government had reported on Friday that as of last month, the economy had more than recovered all the 8.7 million jobs which were lost when the Great Recession took place in 2007-2009 and its aftermath. After the job gains in excess of 200,000 in February through May, employment is 8.8 million above its low in February 2010.