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Data in the latest Job Openings and Labor Turnover Survey (JOLTS) published by the U.S. Bureau of Labor Statistics suggests the U.S. labor market is showing signs of cooling. However, job vacancies are still above pre-pandemic levels.
The data, released on May 1, revealed that available positions decreased to 8.49 million in March — down from a revised 8.81 million in the previous month.
According to a report published by Bloomberg, the March 2024 figures came in lower than economists’ expectations, with the 8.49 million job openings falling below all but one estimate in a Bloomberg survey.
This three-year low in job vacancies — along with a 2.1% decrease in the quits rate and slower hiring (now at 3.5%) — suggests that many employers are becoming more cautious about hiring amid persistent economic uncertainties.
However, compared to the overall labor market, there still seems to be high demand for skilled labor in trade jobs (i.e. mechanics, electricians, HVAC, and Plumbing) in addition to fields such as healthcare and sales.
Moreover, a recent report published by ADP suggests that companies in April have been hiring at a healthy rate — with private pay rolls having increased by 192,000 last month. The largest gains were made in high-demand fields like construction, trade, transportation, and utilities, leisure and hospitality, and education and health services.
According to a report published by CNBC, BLS’ nonfarm payrolls report will be released Friday and is expected to show growth of around 240,000 in total non-farm payrolls for April. This figure would be down from March’s 303,000.
JOLTS report provides insights for the overall U.S. labor market, and business and finance decision-makers can use it as a tool to help navigate 2024. The cooling of the job market could have implications for workforce planning, attraction/retention strategies.
