According to statistics from the Department of Labor released on Wednesday, the number of job openings in the United States dropped in March to the lowest level in three decades.
Companies posted 8.5 million job opportunities at the end of March, a reduction from the upward revised 8 million job opportunities from February, according to the JOLTS study, which is known as JOLTS.
The collapse in openings suggests a moderating of the labor demand, which might lessen some worries that a squeezed labor market may increase inflation.
Opportunities remain higher compared to the prepandemic time despite the decline. On the day of the epidemic, when the labour market was now considered very strong and work were booming, there were 7.1 million opportunities. In 2022, when businesses were struggling to attract employees back into jobs, holes hit 12 million.
The number of individuals quitting work, however, declined to 3.3 million from 3.5 million. But private business leaves rose from 3.1 million to 3.3 million. Employers believe that a rising number of quitters indicates that they are confident in their ability to get better employment.
The number of recruits fell to 5.5 million from 5.8 million.
