Key Points:
- The number of available jobs since May 2021 continues to outnumber Americans looking for work.
- Job openings fell from 8.8 million in February to 8.5 million in March, below consensus of 8.7 million.
- There are 1.1 million fewer job openings than March 2023.
- In March, job openings decreased in construction (-182,000) and in finance and insurance (-158,000), but increased in state and local government education (+68,000).
- The U.S. added 303,000 jobs in March but there were 6.4 million people unemployed.
- The number of job openings for February was revised up by 57,000 to 8.8 million, the number of hires was revised down by 37,000 to 5.8 million, and the number of total separations was revised down by 20,000 to 5.5 million.
- In March, the number of hires was little changed at 5.5 million but was down by 455,000 over the year.
- The number of total separations in March decreased to 5.2 million, and the rate was 3.3%.
- Over the month, the number of total separations increased in private educational services (+21,000).
- Within separations, quits (3.3 million) and layoffs and discharges (1.5 million) changed little.
- In March, the number of quits was little changed at 3.3 million but was down by 480,000 over the year.
- In March, the number and rate of layoffs and discharges changed little at 1.5 million and 1.0 percent, respectively. The number of layoffs and discharges decreased in arts, entertainment, and recreation (-39,000) but increased in private educational services (+18,000).
- The labor force participation rate rose at 62.7% and is 0.7% below its February 2020 level.
- The Right Facts will continue to monitor unemployment and job openings.