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This is Still the Most Astonishing Labor Market: Job Openings, Hiring, Voluntary Quits, Layoffs & Discharges

April 05, 2023

by Wolf Richter Wolf Street

Still lots of churn as workers arbitrage the tight labor market for their benefit. Back to “normal” a long way off.

Job openings fell but remained historically high. And this is not based on wishful-thinking job postings, but on surveys sent to 21,000 businesses about their actual workforce details. Actual hiring dipped, but remained well above the pre-pandemic record. Layoffs and discharges dropped again, and were well below the pre-pandemic record low. Voluntary quits – workers going for a better job – rose again and are still in the astronomical zone.