- Job openings in March fell to 6.2 million from 7 million in February, according to a Friday report from the Labor Department.
- The month also ended a two-year streak where of job openings outnumbered unemployed workers. At the end of March, there were 1.2 people for every open job, according to the report.
- Separations surged to a series-high 14.5 million, led by a spike in layoffs.
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US job openings slumped on the last day of March as the impact of the coronavirus pandemic began to take hold.
Available positions fell to 6.2 million in March from 7 million in February, according to the Job Opening and Labor Turnover Survey, or JOLTS, released by the Labor Department Friday. The median economist estimate was for a fall to 5.8 million, according to Bloomberg data.
“The JOLTS data for March only captured part of the coronavirus shock, but the numbers released this morning are still astounding,” Nick Bunker, an economist at Indeed, said in a Friday note.
He continued: “Workers lost jobs at a horrifying rate. And back in March, the coronavirus shock was only being felt in the second half of the month.”
It’s the latest report to show just how much the coronavirus pandemic and country-wide shutdowns to contain the disease have divested the US labor market. Since mid-March,36.5 million Americans have filed for unemployment insurancece, a Thursday report showed. Last week’s April jobs report showed that the US economy erased 20.5 million payrolls during the month, and the unemployment rate surged to 14.7%, the highest since the Great Depression.
The month also ended a two-year streak where of job openings outnumbered unemployed workers — at the end of March, there were 1.2 people for every open job, according to the report.
The rate of hires also decreased in March to 5.2 million from nearly 5.9 million in February. Separations surged to 14.5 million, a series high, led by a spike in layoffs. The largest increase in layoffs was seen in the accommodation and food services industry, which had 4.14 million during the month.
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