Market Updates
Job Openings Dropped to 2-year Low and Layoffs Jumped
Brian Turner
02 May, 2023
New York City
The number of U.S. job openings declined by 384,000 from the previous month to 9.6 million in March, the U.S. Bureau of Labor Statistics reported Tuesday.
Job openings fell by 1.6 million from the end of December.
The job openings declined to the lowest level since April 2021, indicating that tight labor market conditions may be loosening but not much.
Over the month, the number of hires and total separations were little changed at 6.1 million and 5.9 million, respectively.
Within separations, quits were 3.9 million and changed little, while layoffs and discharges increased to 1.8 million.
In March, job openings decreased in transportation, warehousing, and utilities by 144,000 but increased in educational services by 28,000.
The Federal Reserve policymakers closely watch the Job Openings and Labor Turnover Survey or JOLT survey to gauge labor market conditions.
The number and rate of layoffs and discharges increased by 248,000 to 1.8 million and 1.2%, respectively.
Layoffs and discharges increased in construction 112,000 from the previous month, accommodation and food services 63,000, and health care and social assistance 42,000.
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