Overview
- Government data released Tuesday showed job openings fell to 6.882 million in February and hires dropped to about 4.8 million, the weakest pace since April 2020.
- The hires rate slipped to 3.1% as the quits rate held at 1.9% and layoffs ticked up to 1.1%, signaling very low churn with employers reluctant to add staff or cut deeply.
- ADP’s private report Wednesday counted 62,000 March jobs, with small businesses and education and health services leading gains, while construction added 30,000 and trade and manufacturing lost workers.
- Economists say the late‑February escalation in the Iran conflict and higher oil prices could further chill hiring, and attention now turns to Friday’s BLS report that forecasters expect will show a modest payroll rebound of roughly 60,000.
- Federal Reserve Chair Jerome Powell warned of a "zero‑employment growth equilibrium," as uncertainty tied to trade and immigration policy and growing AI adoption restrains hiring even with unemployment near 4.4%.