The Job Openings and Labor Turnover Survey (JOLTS) published by the Labor Department on Friday revealed an 11.6 percent m-o-m drop in the U.S. job openings in March after a revised 0.1 percent m-o-m decline in February (originally a 1.9 percent m-o-m decrease).

According to the report, employers posted 6.191 million job openings in March (the lowest level since May 2017) compared to the February figure of 7.004 million (revised from 6.882 million in original estimate) and economists' expectations of 5.800 million. The job openings rate was 3.9 percent in March, down from a revised 4.4 percent in the prior month (originally, 4.3 percent). The report showed that the job openings decreased in total private (-774,000 jobs), with the largest declines in accommodation and food services (-258,000) and durable goods manufacturing (-82,000).

Meanwhile, the number of hires fell by 11.2 percent m-o-m to 5.206 million in March from a revised 5.864 in February. The hiring rate decreased to 3.4 percent in March from a revised 3.8 percent in February. The hires level dropped for total private (-654,000) and was little changed for government. Hires decreased in accommodation and food services (-344,000), health care and social assistance (-87,000), and durable goods manufacturing (-33,000), but increased in federal government (+8,000).

The separation rate in March was 14.517 million or 9.6 percent, compared to 5.595 million or 3.7 percent in February. Within separations, the quits rate was 1.8 percent (-0.5 pp m-o-m), and the layoffs rate was 7.5 percent (+6.3 pp m-o-m).