Construction saw a large uptick among major industries, surging by 112,000. Layoffs and discharges also soared by 248,000 to 1.8 million, according to the Bureau of Labor Statistics report on Tuesday. Professional and business services as well as retail trade saw large declines from February to March. Transportation, warehousing, and utilities saw openings fall by 144,000 to 435,000 in March. Job openings dropped by 384,000 in March to 9.6 million. If those go poorly, this could be one of the last official reads we have on the labor market before the June Fed meeting."Īdditionally, job openings have recently been cooling. "We have these negotiations over the debt ceiling looming. "We've seen how the banking crisis has continued to be volatile, despite the perception that it may have temporarily been resolved," Terrazas added. "This was a strong report, but we shouldn't be naive to the risks that lie ahead," Aaron Terrazas, chief economist at Glassdoor, told Insider. With the average as of April at $33.36, that's 4.4% higher than a year ago. "So that would be less concerning about the growth outlook."Īverage hourly earnings also climbed from March to April, increasing by 16 cents. Bunker argued that instead of being a warning sign for future hiring, the downturn in temp work could be "more of a shift in hiring away from temporary services and towards more permanent employees depending on the industry," he said. However, he added he wonders "how much that signal will be useful these days" because of easing in hiring constraints. Account icon An icon in the shape of a person's head and shoulders.
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