U.S. Labor Market in March 2026: Job Openings Slip While Hiring Surges

The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) showed U.S. job openings fell by 56,000 to 6.866 million in March 2026, while hires rose by 655,000 to 5.554 million. The openings rate slipped to 4.1 percent, the hires rate rose to 3.5 percent, and layoffs increased to 1.867 million. The quits rate ticked higher, and the job-openings-to-unemployed ratio was 0.95.

Reuters

The labor market entered 2026 after a “dismal” 2025 marked by weak hiring, high interest rates (the Federal Reserve’s benchmark held at 3.50-3.75 percent), and policy uncertainty under President Donald Trump. The U.S.–Israel–Iran war that began Feb. 28 has disrupted shipping through the Strait of Hormuz, raising commodity prices. AI-driven capital-goods imports and Trump’s tariffs on multiple partners also shape the outlook.

The Globe and Mail (Toronto)

• Job openings: 6.866 million (down 56 k)

U.S. job openings were unchanged at 6.9 million in March but hiring improved

• Openings rate: 4.1 %

Reuters

• Hires: 5.554 million (up 655 k)

Reuters

• Hires rate: 3.5 %

Reuters

• Layoffs: 1.867 million (up 153 k)

Reuters

The Federal Reserve kept its overnight rate at 3.50-3.75 percent, citing persistent inflation. President Trump maintained tariffs on China, Taiwan, Vietnam, Mexico, Canada, India, South Korea, Saudi Arabia, Israel, and the European Union, arguing they are needed to revive U.S. manufacturing.

The Globe and Mail (Toronto)

Carl Weinberg warned that “this picture of the labor market will change as the economy adjusts to $100+ a barrel oil, higher inflation, possibly tighter monetary conditions and global recession starting in Asia.” Christopher Rupkey said Trump’s “2.0” trade policies “aren’t working yet as U.S. imports near record levels.”

The Saratogian

Reuters’ forecast of 6.835 million vacancies for March was slightly below the actual 6.866 million. FactSet expected a net gain of 57 k jobs in April, contrasting with March’s 5.55 million hires. Detailed sector data beyond the listed industries are not provided.

The Saratogian

• “Today’s reading will be a reassuring sign for the FOMC (Federal Open Market Committee) that labour demand remained stable into the early stages of the Iran conflict, providing little cause for easing on risk management grounds,” — Marc Giannoni, chief U.S. economist, Barclays

The Globe and Mail (Toronto)

• “Trump 2.0 economic policies seeking to bring production back to American shores isn’t working yet as U.S. imports are very close to record levels,” — Christopher Rupkey, chief economist, FWDBONDS

The Globe and Mail (Toronto)

• “ But he cautioned that ”this picture of the labor market will change as the economy adjusts to $100+ a barrel oil, higher inflation, possibly tighter monetary conditions and global recession starting in Asia,” which is dependent on disrupted supplies of oil and natural gas from the Persian Gulf.” — Carl Weinberg, chief economist, High Frequency Economics

The Saratogian

• “These incentives can keep the level of new homes sales supported this year, but we do not expect a meaningful and sustained increase with mortgage rates still elevated and consumer confidence remaining subdued,” — Veronica Clark, economist, Citigroup

The Globe and Mail (Toronto)

The April employment report due later this week will reveal whether hiring momentum endures. Markets will watch the Fed’s next meeting for rate guidance, while ongoing Strait of Hormuz disruptions could further affect commodity prices and labor demand.

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