|
But
the department's Job Openings and Labor Turnover Summary also
showed that the number of Americans quitting their jobs — a sign
of confidence in the economy — rose modestly. And layoffs fell
to the lowest level since June.
Openings remain high by historical standards but have fallen
steadily since peaking at 12.1 million in March 2022 when the
economy was still bouncing back from COVID-19.
The American job market has proven remarkably resilient.
Companies, nonprofits and government agencies continued hire in
the face of high interest rates engineered by the Federal
Reserve to combat a resurgence of inflation.
The economic outlook is uncertain, largely because of Trump’s
policies — huge taxes on imports, purges of federal workers and
the deportation of immigrants working in the United States
illegally.
Still, federal job cuts by billionaire Elon Musk's Department of
Government Efficiency didn't have much impact in the March
numbers; federal layoffs actually dipped to 8,000 from
February's 19,000, which had been the most since November 2020.
“The job market is continuing to hold its own, but barely,” said
Robert Frick, economist with the Navy Federal Credit Union.
“While job openings dropped below forecasts, they haven’t hit a
post-COVID low.
“Hiring holds steady and layoffs dipped a bit, showing that,
overall, employers are clinging to the employees they have. But
this is likely the calm before the storm, as layoffs are pending
in government contractors and manufacturers, and other sectors
affected by government layoffs and tariffs.”
All contents © copyright 2025 Associated Press. All rights reserved
|
|
