U.S. Job Market Update: Openings Hold Steady, Separations Dip in March 2024
01 May 2024
01 May 2024 by Luke Puplett - Founder
The U.S. Bureau of Labor Statistics reported that the number of job openings across the nation remained essentially unchanged at 8.5 million on the last business day of March 2024. However, this figure marks a decrease of 1.1 million openings compared to March 2023.
While the number of hires in March 2024 showed little change at 5.5 million, total separations declined to 5.2 million, driven primarily by fewer quits and layoffs.
Key Insights:
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Job openings rate held steady at 5.1% with declines in construction and finance offset by an increase in state/local government education.
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Hiring rate was 3.5%, little changed from previous months but down 455,000 from a year ago.
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Quits rate was 2.1%, signaling steady worker willingness to leave jobs. The quits level dropped by 480,000 over the year.
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Layoffs and discharges rate was 1.0%, essentially unchanged, despite declines in arts/entertainment but increases in private education services.
The steadiness in job openings coupled with reduced separations could point to a labor market that remains resilient amidst economic headwinds. Employers looking to hire should monitor industry and regional trends closely.
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