Below, EPI senior economist Elise Gould offers her insights on today’s release of the Job Openings and Labor Turnover Survey (JOLTS) for March. Read the full thread here.

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

— Elise Gould (@eliselgould) May 1, 2024

Even with the mild drop in hiring in March, the hires rate remains above the quits rate in every sector. Some workers are still quitting in search of better opportunities but the labor market is decidedly not hot. pic.twitter.com/Ys8HcWbQmy

— Elise Gould (@eliselgould) May 1, 2024