New Job NUMBER Released – Is This A Sign?

Photo by Tim Mossholder on Unsplash

( – In February, the number of open jobs in the U.S. economy was 9.9 million; however, that number dropped by 3 million in March. This has led to further concerns about a recession later this year.

While the unemployment rate is still at a close to five decades low at 3.5 percent, the 9.6 million open jobs in the economy are the lowest they have been since April 2021.

The February Job Openings and Labor Turnover Survey (JOLTS) report also noted that this was aligned with economists’ expectations as the ratio of available jobs to job seekers had actually not changed from February to March, remaining at around 1.6 to 1.

While there has been an increase in the number of people who are leaving their jobs and opting to find new ones, there has also been an increase in layoffs and firings in March by 248,000 to 1.8 million.

More specifically, the layoff rate from February to March increased from 1.0 to 1.2, with layoffs in construction increasing by 112,000, in health care by 42,000, and in food service by 63,000.

The hiring rate has remained unchanged from February to March at 4 percent, with 6.1 million people finding new work. There are also certain sectors that have experienced a growth in hiring rates; these include entertainment and recreation jobs in the leisure and hospitality sectors and construction jobs.

The Federal Reserve is also preparing to announce another increase in the interest rate on Wednesday.

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