U.S. job openings climb to 7.37 million and top pre-pandemic levels as economy speeds up and more people hired

MW U.S. job openings climb to 7.37 million and top pre-pandemic levels as economy speeds up and more people hired

Jeffry Bartash

Resurgent economy likely to create millions of new jobs in the next six months

The numbers: Job openings in the U.S. rose in February to the highest level in more than two years as the economy emerged from a winter torpor tied to a record increase in coronavirus cases

The number of job openings jumped to 7.37 million from 7.1 million in January, the Labor Department said Tuesday.

The economy began to accelerate early in the new year after a sharp decline in coronavirus cases. Rising vaccinations, relaxed government business restrictions and another massive dose of federal stimulus have all helped to goose the economy, with faster growth expected in the months ahead.

Last Friday, the government said the U.S. gained 916,000 new jobs in March in another clear sign the economy is strengthening .

Big picture: Job openings now top prepandemic levels and aren't far from a record high. Many companies are looking to hire more workers in anticipation of the economy strengthening as most of the American populace gets vaccinated.

Read:Inflation is back in Wall Street's crosshairs as the economy surges again (Read: Consumer confidence surges to a pandemic high)

The U.S. still has a long way to go to recoup the 8.4 million jobs still missing because of the pandemic, but millions of jobs could be created in the next six months if the coronavirus continues to fade.

Read: Consumer confidence surges to a pandemic high

Market reaction: The Dow Jones Industrial Average fell, but the S&P 500 rose slightly, in Tuesday trades. Both indexes remain near record highs.