News about unemployment

Job openings and quits both fell in March as a wide range of labor market indicators are consistent with a cooling economy--and a labor market that, broadly, is like where it was in 2019--with lower quits but higher openings (with a question of whether openings were trending up). pic.twitter.com/6fjPOvlGBB

The job openings rate peaked at 7.4% in March 2022. Over the next two years, it fell 2.3 percentage points. Over that same time period, unemployment has risen only 0.2 percentage points. That's unprecedented. Life's good on the steep part of the Beveridge Curve. 🧵 pic.twitter.com/zHUpoRGssV

Job openings fell slightly in March now 3.7 million below their peak 2 years ago. High levels of job openings at the height of the pandemic recovery were driven by faster churn. Job openings are about 75% of their way back to pre-pandemic normal. Strong but not hot labor market. pic.twitter.com/PCzCHVMl1U

March #JOLTS data today shows less job market churn (both positive & negative): -Hires rate drops to 3.5%, matching the post-pandemic low -Quits down to 2.1%, lowest since Aug 2020 -Layoffs drop to 1,526,000, solidly below pre-pandemic avgs -Job openings down to 8,488,000 1/