Job openings remained relatively unchanged at 7.2 million in March, signaling a continued stabilization in the U.S. labor market despite a notable year-over-year decline, according to data released Tuesday by the U.S. Bureau of Labor Statistics.
The March figures represent a decrease of 901,000 job openings compared to the same period last year, indicating a gradual cooling in employer demand for workers while maintaining a historically solid job market.
Federal hiring slows as private sector holds steady
The federal government showed the most significant shift, with job openings decreasing by 36,000 positions in March. Meanwhile, job openings rates across private sector industries showed little movement, maintaining the overall national rate at 4.3 percent.
Hiring rates remained unchanged at 5.4 million and 3.4 percent respectively, with no significant fluctuations across industry sectors, according to the report.
Worker movement and employer actions show mixed signals
The quits rate, which economists widely consider a key indicator of worker confidence, held steady at 2.1 percent with approximately 3.3 million workers voluntarily leaving their positions in March. Transportation, warehousing, and utilities saw the most notable change with quits decreasing by 49,000.
Layoffs and discharges edged down to 1.6 million, with the rate relatively unchanged at 1.0 percent. Retail trade reduced layoffs by 66,000, while state and local government agencies, excluding education, increased involuntary separations by 17,000.
Federal government layoffs decreased by 11,000, contrasting with its reduction in job openings and suggesting possible budget constraints or workforce restructuring.
Small and large employers maintain course
Organizations at both extremes of the size spectrum – those with fewer than 10 employees and those with 5,000 or more – showed little to no change in their job openings, hiring, or separation rates during March.
The BLS also announced revisions to February’s data, decreasing the previously reported job openings by 88,000 to 7.5 million, while revising total separations upward by 55,000 to 5.3 million.
The next Job Openings and Labor Turnover Survey report is scheduled for release on June 3, 2025.
