Job openings surged to 7.6 million in April, the highest level in nearly two years, but hiring pulled back to a 3.2% rate. The gap between employer demand and actual hiring points to a widening skills mismatch — and structural forces like an aging workforce and reduced immigration mean it won't close quickly.

The March Job Openings and Labor Turnover Survey (JOLTS) reported that while the level of job openings remained relatively unchanged, employer activity increased, as hires bumped up by 655,000 in March, taking the hires rate from the February slump of 3.1% back to 3.4%, matching the highest level since early 2024.

The February Job Openings and Labor Turnover Survey (JOLTS) reported a decrease in job openings from revised January numbers. A mix of severe weather and healthcare strikes led to the lower than expected employment growth in February, and the lowest level and rate of hires since April 2020. Aside from the 2020 dip, the hires level has not been this low since 2014, when the labor market was still rebuilding after the Great Recession. While unemployment in today’s market remains low, the stall in hiring, coupled with a delay in retirement activity, is leading to a locked-out market for many new entrants.

The December Job Openings and Labor Turnover Survey (JOLTS) report confirms a trend that many job seekers are already feeling: the labor market is becoming increasingly difficult to navigate. Job openings fell to 6.5 million in December—a decline of nearly one million from a year ago and the lowest level in over five years. While the unemployment rate has shown signs of stabilizing, the environment remains highly competitive, with roughly one million more unemployed individuals than available job openings.

The November Job Openings and Labor Turnover Survey (JOLTS) report shows that job openings fell once again in November to 7.1 million. Compared to last November, the US labor market now has over 800,000 fewer job openings, with over 700,000 more unemployed individuals. It appears the bump in October job openings was more of a blip with data collection than a pivot in market direction. For now, the labor market shows more signs of softening than of recovery.

Since the last official release of the Job Openings and Labor Turnover Survey (JOLTS) report in August, the October JOLTS report suggests the labor market might be starting to turn around. Job openings were up 6.1% in October, from August, and up 8% from a year ago. This marks the first significant annual growth in job openings since July 2022. 

The August JOLTS report reveals the labor market freeze may soon start to thaw.