Key Points:

  • The number of available jobs since May 2021 continues to outnumber Americans looking for work.
  • The tight labor market has pushed total job openings to nearly double the available workers, but hiring has slowed amid a broader economic slowdown.
  • Job openings fell by 384,000 to 9.6 million in March, the lowest since May 2021.
  • In March, job openings decreased in transportation, warehousing, and utilities (-144,000) but increased in educational services (+28,000).
  • The U.S. added 236,000 jobs in March but there were 5.8 million people unemployed.
  • In March, the number of hires and separations were little changed at 6.1 million and 5.9 million respectively.
  • Within separations, the number of quits decreased to 3.9 million – still near the record high of 4.4 million – and layoffs and discharges increased to 1.8 million.
  • Layoffs and discharges increased in construction (+112,000), accommodation and food services (+63,000), and health care and social assistance (+42,000).
  • The labor force participation rate was little changed over the month at 62.6% in March and is 0.7% below its February 2020 level.
  • The Right Facts will continue to monitor unemployment and job openings.