Summary
- The U.S. Labor Department's JOLTS report showed March job openings at 6.866 million, slightly above the market forecast of 6.86 million.
- March hiring rose to 5.6 million, up 655,000 from a month earlier, rebounding after reversing much of the previous month's decline.
- Analysts say labor-market data is a key variable for monetary policy, and that if employment trends remain stable, the Fed may keep its tightening stance in place for longer.
Forecast Trend Report by Period
U.S. labor-market data sent mixed signals in March. Job openings came in slightly above expectations, while hiring rebounded from the previous month.
The Labor Department's Job Openings and Labor Turnover Survey, or JOLTS, released on May 5, showed 6.866 million job openings in March. That was slightly above the market forecast of 6.86 million, but down from 6.922 million in the previous month.
Hiring rose to 5.6 million, up 655,000 from a month earlier. The gain reversed much of the prior month's decline.
Total separations, which include quits and layoffs, were little changed at 5.4 million. Quits held at 3.2 million, while layoffs and discharges remained at 1.9 million.
By sector, job openings fell in professional and business services, while rising in finance and insurance. Hiring increased in some service industries, including transportation and warehousing and accommodation and food services.
Markets are focused on the rebound in hiring despite the decline in openings. The data suggests labor demand is holding up to some extent even as concerns about a broader slowdown in the job market persist.
Labor-market data is a key variable in shaping the outlook for monetary policy. If employment trends remain stable, the Federal Reserve could keep its tightening stance in place for longer, analysts say.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
