The data on job openings and labor turnover (JOLTS) for March shows job openings down 325,000 to 8.488 million after a small upward revision to 8.813 million in February. The March level is below the consensus of 8.7 million in the Econoday survey of forecasters. The March level is the lowest since 8.519 million in in March 2021.

Job openings for private industry fell 364,000 to 7.530 million, half of which were from a 182,000 decrease in construction and 40 percent from a 144,000 decrease in financial activities. Government job openings rose 39,000 to 958,000, with an increase of 46,000 in state and local jobs offset slightly by a decrease of 7,000 in federal jobs.

The job openings rate fell to 5.1 in March after 5.3 in February. The rate is the lowest since 5.2 in February 2021. The number of job openings and the job-opening rate remain consistent with a tight labor market but one that is operating more normally during a modest expansion.

Hiring fell 281,000 to 5.500 million in March after a downward revision to 5.781 million in February. Private sector hiring fell 273,000 to 5.109 million in March, mainly from decreases of 103,000 in trade and 59,000 in construction. Government hiring fell 8,000 to 391,000 with decreases of 2,000 at the federal level and 6,000 at the state and local levels. The hiring rate is down to 3.5 in March after 3.7 in February.

Total separations fell 339,000 to 5.200 million in March after 5.539 million in February. Private job separations are down 337,000 with trade, transportation, and utilities down 103,000, leisure and hospitality down 68,000, and construction down 44,000. Government job separations fell 3,000. The separations rate is down to 3.3 in March after 3.5 in February.

Quits levels a subset of separations fell 185,000 to 3.145 million in March after 3.527 million in February. Quits in private industry fell 185,000 in March, led by a decrease of 74,000 in trade, transportation, and utilities, and a decline of 59,000 in"other" services. With less churn in the labor market from workers voluntarily leaving jobs, the quits rate is down to 2.1 in March after 2.2 in February, and the lowest cine 2.1 in August 2020.

Layoffs and discharges another subset of separations fell 155,000 in March to 1.526 million after 1.681 million in February. Layoffs were down 155,000 in the private sector and are led by declines of 66,000 decline in leisure and hospitality, and 63,000 in construction. Government layoffs are unchanged. The rate for layoffs and discharges is essentially unchanged at 1.0 in March after 1.1 in February.

In sum, job openings are down but still plentiful, hiring is slower but still happening, businesses are declining to layoff present workforces, while workers are more cautious about re-entering the labor market.

Job openings have been solid. March's consensus is 8.7 million versus February's as-expected 8.756 million.

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.

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.