March’s job report saw the number of open jobs decrease to 9.6 million. The number of new Nonfarm payrolls came in at 253,000 for the month of April, which came as a surprise for economists, who were all expecting another drop in new jobs. Unemployment dipped slightly to 5.7 million, falling to 3.4% from the month of March. Transportation and Warehouse job openings dropped by 144,000 the month of March, as well. The Federal Reserve is continuing to raise interest rates, as recently as this week, to balance inflationary trends, but, as it has been for a while, a possible recession still lurks on the horizon.
March's Job Opening and Turnover Survey
At the end of March, job openings decreased to 9.6 million, and hires marginally decreased to 6.1 million. The quit rate fell minimally to 3.9 million, and layoffs and discharges increased to 1.8 million.
Several sectors saw a decrease in job openings. The largest decreases in job openings were in Transportation and Warehousing and Utilities (144,000 jobs lost). Accommodation and Food Services also saw 107,000 in separations. Layoffs and discharges were high in Construction (112,000), Accommodation and Food Services, (63,000), and Health Care and Social Assistance (42,000).
While there was a small decrease in the number of quits (3.9 million) and an increase in layoffs/discharges (1.8 million), the numbers for March do not really prepare us for what we see in the April report.
April's Jobs Report
Non-farm payrolls grew by 253,000 in April, an increase after March’s 236,000 Non-farm payrolls added. Unemployment decreased slightly to 3.4%, while the labor force participation rate stayed the same at 62.6%. Unemployment has maintained a steady range of 3.4% to 3.7% since March of 2022.
Transportation and Warehousing jobs changed little again last month. Leisure and Hospitality managed to add 31,000 in April, but it is still lower than pre-pandemic levels by 2.4%. Professional, Scientific, and Technical Services (+45,000), Government (+23,000), and Healthcare (+40,000), also saw gains in April. Meanwhile, the Retail and Manufacturing industries continued to see little change in the number of jobs last month.
The April Jobs Report and the March Job Opening and Turnover Survey reveal that the labor market is still in charge of the economy, something everyone has gotten used to hearing when these reports come out. The Federal Reserve is still raising interest rates to make this process continue, as seen as recently as this week.
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Meaghan Goldberg covers recruitment and digital marketing for Lionzone. A Patterson, GA native, after graduating from both Valdosta State University and Middle Tennessee State University, Meaghan joined Lionzone in 2018 as a digital recruitment strategist before becoming the social media manager.