U.S. job openings surge 7.9 percent in March; hires increase 3.7 percent

The Job Openings and Labor Turnover Survey (JOLTS) published by the Labor Department on Tuesday revealed a 7.9 percent m-o-m surge in the U.S. job openings in March after a revised 6.0 percent m-o-m advance in February (originally a 3.8 percent m-o-m gain).

According to the report, employers posted 8.123 million job openings in March compared to the February figure of 7.526 million (revised from 7.367 million in the original estimate) and economists’ expectations of 7.500 million. This was the highest reading since the series began in December 2000. The job openings rate was 5.3 percent in March, up from a revised 5.0 percent in the prior month (originally 4.9 percent). The report showed that the number of job openings rose in a number of industries with the largest increases in accommodation and food services (+185,000 jobs), state and local government education (+155,000), and arts, entertainment, and recreation (+81,000), but declined in health care and social assistance (-218,000).

Meanwhile, the number of hires increased 3.7 percent m-o-m to 6.009 million in March from a revised 5.794 million in February (originally 5.738 million). The hiring rate was 4.2 percent in March, up from an unrevised 4.0 percent in the prior month. Hires went up in state and local government education (+62,000), educational services (+31,000), and mining and logging (+17,000).

The separation rate in March was 5.322 million or 3.7 percent, compared to 5.429 million or 3.8 percent in February. Within separations, the quits rate was 2.4 percent (flat m-o-m), and the layoffs rate was 1.0 percent (-0.2 p.p. m-o-m).