| Consensus | Consensus Range | Actual | Previous | Revised | |
|---|---|---|---|---|---|
| Job Openings | 9.600M | 9.513M to 10.400M | 9.590M | 9.931M | 9.974M |
Highlights
The data on job openings for March show a decrease of 384,000 to 9.590 million after 9.974 million in February. The level is close to the consensus of 9.6 million in an Econoday survey. The level is the lowest since 9.840 million in May 2021.
The job openings rate is 5.8 percent in March, down 2 tenths from February and the lowest since 5.5 percent in March 2021. While the number of job openings remains elevated, these are steadily decreasing as labor shortages are less acute. Businesses are eliminating unfilled jobs as well as hiring.
The number of hires in March is up 45,000 to 6.194 million after 6.149 million in February. The increase is relatively small and leaves the level at the lowest back-to-back monthly readings since April-May 2021. The hiring rate is unchanged at 4.0 percent in March and consistent with readings since mid-2022.
The number of separations is up 32,000 to 5.932 million in March from 5.841 million in February. On net, the pace of job separations is little changed in the last six months. The number of layoffs and discharges is up 248,000 to 1.805 million in March from February and the layoff and discharge rate is up to 1.2 percent. The number of quits is down 129,000 to 3.851 million in March after 3.980 in February and the quits rate is down a tenth to 2.5. There is less churn in the job market with few persons voluntarily leaving their job, while layoff and firings are on the rise.
The job openings rate is 5.8 percent in March, down 2 tenths from February and the lowest since 5.5 percent in March 2021. While the number of job openings remains elevated, these are steadily decreasing as labor shortages are less acute. Businesses are eliminating unfilled jobs as well as hiring.
The number of hires in March is up 45,000 to 6.194 million after 6.149 million in February. The increase is relatively small and leaves the level at the lowest back-to-back monthly readings since April-May 2021. The hiring rate is unchanged at 4.0 percent in March and consistent with readings since mid-2022.
The number of separations is up 32,000 to 5.932 million in March from 5.841 million in February. On net, the pace of job separations is little changed in the last six months. The number of layoffs and discharges is up 248,000 to 1.805 million in March from February and the layoff and discharge rate is up to 1.2 percent. The number of quits is down 129,000 to 3.851 million in March after 3.980 in February and the quits rate is down a tenth to 2.5. There is less churn in the job market with few persons voluntarily leaving their job, while layoff and firings are on the rise.
Market Consensus Before Announcement
Job openings have been strong but on the decline, down to 9.931 million in February which was lower than expected and down from January's 10.563 million. Forecasters see March openings at 9.60.
Definition
The Labor Department's JOLTS report tracks monthly change in job openings and offers rates on hiring and quits. The reporting period lags other employment data including the employment situation report. The word JOLTS stands for Job Openings and Labor Turnover Survey.
Description
Although lagging the release timing of the employment situation report by a month, JOLTS provides additional information on the labor market. The payroll survey in the employment situation report provides numbers on net job changes. JOLTS breaks down labor market data into pre-net changes such as job openings, hires, and separations.
