Job vacancies declined sharply in March, but little change in new hires and layoffs signals that the U.S. labor market remains solid.
The number of job openings tumbled by 288,000, to 7.192 million, the lowest in six months, according to the Job Openings and Labor Turnover Survey (JOLTS) from the Bureau of Labor Statistics.
Last month’s number fell short of the consensus forecast of 7.48 million.
Data indicate that the decrease in employment opportunities was broad-based, led by transportation, warehousing, and utilities (negative 59,000), accommodation and food services (negative 42,000), and construction (negative 38,000).
Employment vacancies in the federal government also fell by 36,000.
While the number of job openings has steadily declined since reaching the March 2022 peak of 12.1 million, other JOLTS metrics indicate the national labor market is intact….