Job openings continued to fall in March while layoffs increased
Below, EPI senior economist Elise Gould offers her initial insights on today’s release of the Job Openings and Labor Turnover Survey (JOLTS) for March. Read the full Twitter thread here.
Job openings have now been falling for three months in a row. At 9.6 million, it’s back in the range it was in spring of 2021. Much of the elevated rates may have been due to increased churn rather than net new demand. pic.twitter.com/Zus2W34w49
— Elise Gould (@eliselgould) May 2, 2023
The more persuasive signs of cooling are coming from rising layoffs. Both the level of layoffs and the layoff rate in March 2023 are higher than any month since December 2020. pic.twitter.com/OaQbRb0uog
— Elise Gould (@eliselgould) May 2, 2023
Overall, quits softened. Across industries, accommodation and food services experienced the largest declines in quits as well as some reductions in hiring. Reduced churn in that sector is consistent with slowing wage growth. Hiring remains faster than quits across all sectors. pic.twitter.com/97ghjVGv4c
— Elise Gould (@eliselgould) May 2, 2023
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