Job Openings Drop in March Amid Economic Uncertainty
By PAUL WISEMAN, Associated Press Economics Writer
WASHINGTON (AP) — Job openings in the U.S. fell to 7.2 million in March, down from 7.5 million in February and significantly lower than 8.1 million in March 2024, according to the Labor Department. This marks the lowest number of vacancies since September and is below economist predictions of 7.5 million.
Despite the decline in job openings, the report indicates a modest rise in the number of Americans quitting their jobs, reflecting a level of economic confidence. Additionally, layoffs hit their lowest level since June, with federal job losses reducing from 19,000 in February to 8,000 in March.
Historically, job openings remain relatively high, though they have dropped from a peak of 12.1 million in March 2022. The job market shows resilience as businesses continue hiring despite high interest rates designed to combat inflation. However, the economic outlook remains uncertain, largely influenced by President Trump’s trade policies, including import taxes and immigration restrictions.
Robert Frick, an economist with Navy Federal Credit Union, cautioned that while the job market shows stability, upcoming layoffs in various sectors may indicate a challenging economic climate ahead.
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