![]() ![]() ![]() “More quits are a sign of worker confidence, and more layoffs and discharges are when employers are more cautious to hire and more likely to cut jobs,” said Erica Groshen, a former BLS head who now serves as the senior economics adviser at the Cornell University School of Industrial and Labor Relations. The latest Job Openings and Labor Turnover Survey showed that layoffs jumped by nearly 250,000 to 1.8 million - the highest level since December 2020 - while the number of new hires were unchanged at 6.15 million and quits ticked down to 3.85 million from 3.98 million. “After two years of incredibly rapid churn and highly elevated demand, things are now all going back to normal levels and rates.” “Demand for labor is cooling, and the dynamics of the labor market are normalizing,” said Julia Pollak, chief economist at ZipRecruiter. That’s down from an upwardly revised 9.974 million reported in February and represents the third consecutive month that available jobs have fallen.Įconomists were expecting 9.775 million openings, according to consensus estimates on Refinitiv.Īs of March, the ratio of open jobs to the number of unemployed Americans fell to 1.65, BLS data shows. Job openings totaled 9.59 million in March, according to monthly data released Tuesday by the Bureau of Labor Statistics. ![]() ![]() The number of open jobs in the United States has dropped to the lowest level since May 2021, a reflection of a labor market that is slowly settling back into balance after the Federal Reserve’s yearlong campaign to cool off the economy. ![]()
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