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Spring Thaw? A Cooling Job Market Bucks Typical March Trend

"March typically sees a slight increase in job openings, so today’s slight decrease signals a continued cooling of the job market. But, in the overall, these numbers remain historically elevated.”

- Andrew Crapuchettes, CEO of RedBalloon

(Moscow, Idaho) - The BLS released its Job Opening and Turnover Survey (JOLTS) this morning, and job openings declined by 300,000 to 9.6 million in the month of March. The number of hires and total separations are little changed at 6.1 million and 5.9 million, respectively.

“This isn't really a Spring Thaw in the job market; It's more like a spring cooling,” said RedBalloon CEO Andrew Crapuchettes, a longtime pioneer in labor market data and analytics. “March typically sees a slight increase in job openings, so today’s slight decrease signals a continued cooling of the job market. But, in the overall, these numbers remain historically elevated.”

“It will be interesting to see how this plays out in coming months,” continued Crapuchettes. “It's likely the FED is done raising rates, and the stock market indicates our economy wants to grow. But ill the persisting high number of job openings cap our growth?”

“Business owners know you can't grow without people, but unemployment remains at a near record low of 3.5%, and US worker surveys show only 1/3 of US employees feel fully engaged in their workplace. The lack of job seekers, combined with low employee engagement rates means companies need to figure out how to inspire their people and how to attract only the best people.”


Charts:



Quits over the last 5 years.

Job openings over the last five years.


If you would like to schedule an interview with Andrew Crapuchettes, contact Isaac Lopez at (208) 997 – 8013 or isaac@redballoon.work.

Founded In 2021, RedBalloon has quickly become America’s largest connector of employers and employees who prioritize a positive workplace culture free from the divisiveness of cancel-culture mandates. RedBalloon CEO Andrew Crapuchettes is a longtime business leader, entrepreneur, and innovator who has founded several successful tech companies and is widely considered a global pioneer in the development and use of labor market data analytics – an industry he helped found over 20 years ago.

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