The number of job openings in the U.S. fell in March to the lowest level in three years and fewer workers were hired, data from the Department of Labor showed Wednesday.
The Job Openings and Labor Turnover Survey, known as JOLTS, showed that employers had posted 8.5 million job openings at the end of March, a decline from the upwardly revised February figure of 8.8 million.
The decline in openings suggests a moderation in the demand for labor, perhaps easing some concerns that a tight labor market could further fuel inflation.
Despite the decline, openings are still elevated compared with the prepandemic era. On the eve of the pandemic, when the labor market was already considered very tight and jobs were booming, there were 7.1 million openings. In 2022, when employers were struggling to entice workers back into positions, openings hit 12 million.
The number of people quitting jobs, meanwhile, declined to 3.3 million from 3.5 million. But private sector quits rose from 3.1 million to 3.3 million. A rising number of quits is seen as a sign that workers have confidence they can easily find better work.
The number of hires fell to 5.5 million from 5.8 million.
