Layoffs climb, as job openings fall

[csrcsr]

Job vacancies sank to a two-year low in March, while layoffs jumped to their highest level since December 2020, the latest signs of a softening labor market. Layoffs hit 1.8 million last month, up from 1.6 million in February, led by job losses in construction, accommodation and food services and health care, according to the Labor Department’s Job Openings and Labor Turnover Survey. Vacancies fell to 9.6 million from 10 million in February. The ratio of open jobs to unemployed people is now 1.6, the lowest since October 2021.

 

• The quits rate — voluntary job leavers as a share of total employment — slipped to 2.5% in March, also the lowest in two years.

[csrcsr]

https://www.wsj.com/articles/u-s-layoffs-jumped-in-march-as-job-openings-fell-3805c6a1?mod=hp_lead_pos2

[csrcsr]

This morning's March 2023 #JOLTS report provided more evidence that the labor market is beginning to cool.

📊Job Openings declined to 9.6M, the lowest in almost two years, suggesting that business demand for talent is starting to wane. All US regions saw job openings decline in March, with the largest reductions in the Midwest and West.

📊Hires held steady at 6.1M as businesses continue to fill open roles. Notable declines in Real Estate hiring as interest rate pressures impact the housing market.

📊Quits remained stable at 3.9M as employees continue to leave for new opportunities. But look for that to decline somewhat as Job Openings continue to fall. Normally faced with high voluntary turnover, Leisure and Hospitality experienced a big decline in Quits.

📊Layoffs increased to 1.8M, much closer to the historical average and well-above the historic lows of the past couple of years. Nearly every sector and region experienced increases in Layoffs, with Information and Trade, Transportation and Utilities among the notable exceptions.

This report isn't all that surprising and actually follows the pattern of labor market softening that Jay Denton and I talked about at the end of 2022. Overall economic demand would slow as interest rate hikes took effect. Job openings would come down from historic levels as businesses faced lower sales and budget pressures. Fewer job openings would translate to fewer hires, net new job gains, and voluntary quits.

This Friday's April jobs report will provide additional insight into whether the labor market is cooling or continues to defy expectations.

 

[psycho_jagga]

6 minutes ago, csrcsr said:

This morning's March 2023 #JOLTS report provided more evidence that the labor market is beginning to cool.

📊Job Openings declined to 9.6M, the lowest in almost two years, suggesting that business demand for talent is starting to wane. All US regions saw job openings decline in March, with the largest reductions in the Midwest and West.

📊Hires held steady at 6.1M as businesses continue to fill open roles. Notable declines in Real Estate hiring as interest rate pressures impact the housing market.

📊Quits remained stable at 3.9M as employees continue to leave for new opportunities. But look for that to decline somewhat as Job Openings continue to fall. Normally faced with high voluntary turnover, Leisure and Hospitality experienced a big decline in Quits.

📊Layoffs increased to 1.8M, much closer to the historical average and well-above the historic lows of the past couple of years. Nearly every sector and region experienced increases in Layoffs, with Information and Trade, Transportation and Utilities among the notable exceptions.

This report isn't all that surprising and actually follows the pattern of labor market softening that Jay Denton and I talked about at the end of 2022. Overall economic demand would slow as interest rate hikes took effect. Job openings would come down from historic levels as businesses faced lower sales and budget pressures. Fewer job openings would translate to fewer hires, net new job gains, and voluntary quits.

This Friday's April jobs report will provide additional insight into whether the labor market is cooling or continues to defy expectations.

 

More to come, blood bath but you are safe FT job in AFDB @Realityy

[Realityy]

1 hour ago, psycho_jagga said:

More to come, blood bath but you are safe FT job in AFDB @Realityy

very true @csrcsr anna is safe FT job in AFDB he deserves it

[Realityy]

1 hour ago, csrcsr said:

https://www.wsj.com/articles/u-s-layoffs-jumped-in-march-as-job-openings-fell-3805c6a1?mod=hp_lead_pos2

@csrcsr opt lo vunna how to save my job nee company lo emana openings vunaya neeke job icharu ante naaku easy ga vastadhi nannu chala years vunchukuntaru 

we love u anna please help

cc @psycho_jagga

[psycho_jagga]

50 minutes ago, Realityy said:

@csrcsr opt lo vunna how to save my job nee company lo emana openings vunaya neeke job icharu ante naaku easy ga vastadhi nannu chala years vunchukuntaru 

we love u anna please help

cc @psycho_jagga

Please help @csrcsr anna