According to Tuesday’s Labor Department report, employment openings outnumbered available workers by 5.6 millions in March. A record number of people also quit their job.

According to the Survey on Job Openings and Labor Turnover, 11.55 Million job posts were posted in the month. It is also an all-time high for monthly data, which dates back to 2000. It was up 205,000 over February. This is indicative of an historically tight jobs market.

However, the total number of people who quit was 4.54 million. This is an increase in 152,000 since the last month, when the so-called Great Receiptition continued. Workers who are confident enough to move on from their present jobs have had opportunities during the pandemic.

The report adds to an inflationary picture that is expected to push the Federal Reserve into a series of aggressive rate hikes, starting with a half-percentage-point move Wednesday.

Due to a shortage in labor supply, wages have risen. Average hourly earnings rose by 5.6% in March from one year ago. But that’s not enough to keep up with inflation which is at 8.5% over the same period.

The supply of workers was not sufficient to meet demand. In March, the total number of available jobs fell slightly to 6.74million. Total separations increased by almost 4% to 6.32M, an increase of nearly 4% over February.

There was a 45,000 drop in job opportunities within the hospitality and labor sectors, an increase of 40,000, but 2.6% less monthly. It is considered an important indicator of economic recovery. The unemployment rate in this sector stands at 5.9%. This level was slightly higher than pre-pandemic.

Tuesday’s release coincides with the important April nonfarm payrolls data. Dow Jones polled economists to predict an increase of 400,000 job openings, and a drop in unemployment rates to 3.5%. This is the equivalent of the December 1969 low.