US Job Openings in March at 8.488 Million... Lowest in 3 Years

Market Expected Volume Falls Short at 8.68 Million Cases

The number of job openings in the United States in March has been reported to have reached its lowest level in three years.

According to the March Job Openings and Labor Turnover Survey (JOLTS) released by the U.S. Department of Labor on the 1st (local time), the number of job openings last month was recorded at 8.488 million. This is the lowest level in three years, falling short of both the previous month (8.813 million) and experts' expectations (8.68 million).

The voluntary quit rate was 2.1%, the lowest in 3 years and 7 months since August 2020. This indicates a decline in confidence among job seekers looking to change jobs for new opportunities or better pay.

The hiring rate dropped to 3.5%, the lowest since the COVID-19 pandemic. The ratio of hires to unemployed persons was 1.3, marking the lowest level since August 2021.

Stuart Paul, an economist at Bloomberg Economics (BE), Bloomberg's economic research institute, said, "As the labor market achieves a better balance, wage pressures are expected to ease over the coming months," adding, "With inflation continuously rising since early this year, the Federal Reserve is expected to hold the benchmark interest rate steady at the Federal Open Market Committee (FOMC) meetings in May and June."

However, conflicting indicators released on the same morning showed that the U.S. employment market remains robust.

According to the U.S. employment report released by ADP, a private labor market research firm, private sector job creation in April was 192,000, exceeding the market expectation of 179,000. The U.S. Department of Labor's April employment report, which provides a more accurate picture of the employment situation, will be released on the 3rd. Nonfarm payroll employment in April is expected to increase by 243,000, a significant decrease compared to March's 303,000. The unemployment rate for April is expected to remain steady at 3.8%, the same as the previous month.