By Matt Grossman
Hiring picked up in March, but the rate of job openings ticked down, according to a report from the Labor Department that emphasized a continued stretch of relatively low dynamism in the job market.
The rate of open jobs slipped to 4.1% in March, from 4.2% in February and 4.4% in January, according to the latest job openings and labor turnover survey. The rate of workers facing layoffs also ticked higher, to 1.2% in March, from 1.1% in February.
Other indicators from the monthly survey were more positive. The hiring rate improved to 3.5%, from 3.1% in February, with about 5.6 million Americans landing new jobs in March. That is the best hiring rate in more than a year. A slightly greater share of workers also voluntarily quit their jobs in March - a sign that more people were finding opportunities to switch to a new role.
Overall, the data showed little sign of a worrying downturn. Yet the labor market remained stagnant by historical standards, with a relatively small share of workers moving jobs or getting pink slips. For more than a year, the job market has been slipping into what many economists have called a low-hire, low-fire balance.
A sharp immigration crackdown by the Trump administration, volatile economic-policy moves and elevated interest rates have all leaned against hiring. But amid solid consumer demand, many companies also have been hesitant to lay off workers - especially given the hiring challenges they faced during the booming postpandemic labor market earlier in the 2020s.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
05-05-26 1039ET
