March JOLTS: Cooler turnover and labor demand point to easing wage pressures

Wells Fargo Research Team Wells Fargo

Summary

Job openings in March fell to more than a three-year low as demand for workers continues to ebb. With fewer job openings available to lure workers to greener pastures, the quit rate fell to its lowest level since the summer of 2020. While a subdued rate of layoffs and a still-elevated ratio of job openings per unemployed worker suggests the jobs market is far from falling apart, the declining rate of job openings and quits is indicative of a labor market that continues to gradually loosen. Labor cost growth should resume its downward trend as we move further into 2024 as a result.

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Wells Fargo Research Team

Wells Fargo

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