March 2023 #JOLTS Report:
The labor market continues to cool off
Job openings down to 9.6 million
Quits rate ticked down to 2.5%
Layoff rate up to 1.2%
The labor market continues to cool off
Job openings down to 9.6 million
Quits rate ticked down to 2.5%
Layoff rate up to 1.2%
December 2020 was the last time the layoff rate was as high as it was in March. 
The quits rate ticked down in March to 2.5%, but it's still above its average in 2019 of 2.3%
The oft-cited ratio of job openings to unemployed workers declined to 1.6 in March, its lowest level since October 2021
You never want to overreact to one month of data. Yet it's hard to not react to the spike in construction layoffs in March.
The Beveridge Curve continues to loop back to its pre-pandemic line. Hopefully it can do that without sliding down toward a higher unemployment rate.
Job openings in Retail Trade are crashing, down by over a quarter since December.
Retail Trade is now the only broad sector with fewer job openings in March than in February 2020.
Retail Trade is now the only broad sector with fewer job openings in March than in February 2020.
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