U.S. job openings fell in March to the lowest level in three years, and fewer workers were hired, according to Labor Department data on Wednesday.
Employers had posted 8.5 million job openings at the end of March, down from an upwardly revised figure of 8.8 million in February, according to the Job Openings and Turnover Survey, known as JOLTS.
The decline in job openings suggests moderating labor demand, potentially easing some concerns that a tight labor market could fuel inflation further.
Despite the decline, vacancies are still increasing compared to pre-pandemic levels. On the eve of the pandemic, the labor market was already considered extremely tight and hiring was booming, with 7.1 million job openings. The number of job openings reached 12 million in 2022, as employers struggled to put workers back into positions.
Meanwhile, the number of unemployed people decreased from 3.5 million to 3.3 million. However, the number of job departures in the private sector increased from 3.1 million to 3.3 million. The increase in the number of resignations is seen as a sign that workers are confident they can easily find a better job.
Employment fell from 5.8 million to 5.5 million.
