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:
-
Job openings rate held steady at 5.1% with declines in construction and finance offset by an increase in state/local government education.
-
Hiring rate was 3.5%, little changed from previous months but down 455,000 from a year ago.
-
Quits rate was 2.1%, signaling steady worker willingness to leave jobs. The quits level dropped by 480,000 over the year.
-
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.
That's lovely and everything but what is Zipwire?
Zipwire Collect handles document collection for KYC, KYB, AML, RTW and RTR compliance. Used by recruiters, agencies, landlords, accountants, solicitors and anyone needing to gather and verify ID documents.
Zipwire Approve manages contractor timesheets and payments for recruiters, agencies and people ops. Features WhatsApp time tracking, approval workflows and reporting to cut paperwork, not corners.
Zipwire Attest provides self-service identity verification with blockchain attestations for proof of personhood, proof of age, and selective disclosure of passport details and AML results.
For contractors & temps, Zipwire Approve handles time journalling via WhatsApp, and techies can even use the command line. It pings your boss for approval, reducing friction and speeding up payday. Imagine just speaking what you worked on into your phone or car, and a few days later, money arrives. We've done the first part and now we're working on instant pay.
All three solutions aim to streamline workflows and ensure compliance, making work life easier for all parties involved. It's free for small teams, and you pay only for what you use.