According to data from the Department of Labor released on Wednesday, the number of job openings in the U.S. decreased in March to the lowest level in three years, with fewer workers being hired.
The Job Openings and Labor Turnover Survey (JOLTS) revealed that there were 8.5 million job openings at the end of March, down from the revised February figure of 8.8 million.
This decline in job openings indicates a potential slowdown in labor demand, which could help alleviate concerns about inflation caused by a tight labor market.
Despite the decrease, the number of job openings remains higher compared to the period before the pandemic. In 2020, there were 7.1 million job openings, but in 2022, during the struggle to attract workers back to work, openings reached 12 million.
The number of people leaving their jobs also decreased slightly to 3.3 million from 3.5 million, but there was an increase in quits in the private sector. This rise in quits is seen as a positive sign, indicating that workers have confidence in finding better job opportunities.
Additionally, the number of hires dropped from 5.8 million to 5.5 million.
