US job openings drop in March; hires increase sharply

Washington: U.S. job openings slipped in March, but a surge in hiring suggested the labor market was regaining its footing after struggling last year. Job openings, a measure of labor demand, were down 56,000 ‌to 6.866 million ⁠by ⁠the last day of March, the Labor Department's Bureau of Labor Statistics said in its Job Openings and Labor Turnover Survey, or JOLTS report. Economists polled by Reuters had forecast 6.835 million unfilled jobs.

The ​job openings rate eased to ⁠4.1% from ‌4.2% in February. Hiring jumped ​by 655,000 ​to 5.554 million. The hires ⁠rate increased to 3.5% from 3.1% in February. ​Layoffs and discharges, however, increased by 153,000 ​to 1.867 million, with the rate for that category climbing to 1.2% from 1.1% in the prior month.

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Economists see growing downside risks to the labor market from the ‌U.S.-Israeli war with Iran, which has disrupted shipping through the Strait of Hormuz, ​boosting the ​prices of ⁠oil, fertilizer, aluminum and other commodities.

Labor market stability for now is supporting financial market expectations that the Federal Reserve will keep interest rates unchanged this year. The U.S. central bank last week left its benchmark overnight interest rate in the 3.50%-3.75% range, citing rising inflation concerns.