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Job openings for manufacturing ticked up by 4,000, from 445,000 in February to 449,000 in March. However, the February job openings level of 445,000 was revised downward dramatically from 482,000 in the previous report. Durable goods job openings in March stayed the same at 313,000, while nondurable goods job openings increased by 5,000, from 131,000 in February to 136,000 in March. The manufacturing job openings rate stayed the same at 3.4% in March and decreased from 3.8% the previous year. The rate for durable goods manufacturing similarly stayed the same at 3.8%, while it ticked up 0.1% to 2.7% for nondurable goods.

In the larger economy, the number of job openings fell to 7.2 million, a decrease of 288,000 from the previous month and 901,000 from the previous year. The job openings rate declined to 4.3%, down from 4.5% in February and from 4.9% last year. This data reflects an overall labor market that has eased back to pre-pandemic levels, but remains relatively tight from a historical perspective.

The number of hires in the overall economy increased 41,000 to 5.4 million in March but dropped 61,000 from the previous year. The hires rate for the overall economy stayed the same in March at 3.4%. Meanwhile, the hires rate for manufacturing stayed the same at 2.5% from February. The hires rate for durable goods edged down 0.1% to 2.3%, but ticked up 0.2% to 2.8% for nondurable goods.

In the larger economy, total separations, which include quits, layoffs, discharges and other separations, fell 179,000 from February to 5.1 million and dropped 131,000 from the previous year. The total separations rate edged down 0.1% to 3.2% for the overall economy and also ticked down 0.1% for manufacturing to 2.4%. Within that rate, layoffs and discharges declined by 15,000 in March for manufacturing, while quits increased by 4,000. The quit and layoff rates continue to remain lower for manufacturing than the total nonfarm sector.