U.S. job openings experienced a significant drop in March, as reported by the Labor Department’s Bureau of Labor Statistics.
Job openings decreased by 288,000 to 7.192 million by the end of March.
The big picture: The decline in layoffs indicated that the labor market remained stable, despite uncertainties surrounding tariffs and their impact on the economy.
- Hiring only rose by 41,000 to 5.411 million, highlighting businesses’ caution in expanding their workforce due to the challenges posed by President Donald Trump’s import tariffs.
- Layoffs decreased by 222,000 to 1.558 million, continuing to provide support to the labor market and indicating relative stability.
- The Trump administration’s initiatives, including a hiring freeze and significant government downsizing, are also expected to affect the labor market’s resilience.
What we’re watching: Forecasts predict an increase of 130,000 jobs in nonfarm payrolls for April, following a rise of 228,000 in March.
- The unemployment rate is expected to remain at 4.2%.
