U.S. job openings largely unchanged in March despite Iran conflict
Summary
U.S. job openings stayed about the same in March, with 6.87 million vacancies compared to 6.92 million in February. Hiring improved despite rising layoffs, and more workers quit their jobs, showing confidence in the job market amid uncertain economic conditions linked to the Iran conflict and other factors.Key Facts
- There were 6.87 million job openings in the U.S. in March, nearly the same as February's 6.92 million.
- Employers added 5.55 million gross jobs in March, the most since February 2024.
- Layoffs increased in March, but more people also quit their jobs, indicating confidence in finding new work.
- Job openings have declined steadily from a peak of 12.3 million in March 2022 after COVID-19 lockdowns.
- Factors slowing hiring include high interest rates, uncertainty about President Donald Trump’s policies, and advances in artificial intelligence.
- Last year had very weak job growth, with fewer than 10,000 new jobs added each month.
- The Labor Department expects April job growth to be steady with about 57,000 new jobs and a 4.3% unemployment rate.
- Changes in immigration policy have reduced the job-seeking workforce, lowering the number of monthly new jobs needed to maintain low unemployment.
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