Declines in labor demand may be slowing, according to The Conference Board's measure of online help-wanted ads released today.

The number of U.S. jobs posted online fell by 100,000 in March to approximately 3.2 million after having fallen by only 6,600 in February, according to the measure. However, the March decline is still smaller than the decreases of 506,000 in January and 507,000 in December.

"The March numbers indicate that we are not at the bottom of the employment cycle but that the declines in labor demand may be slowing," said Gad Levanon, senior economist at The Conference Board. "The March decline is significant but substantially less than the 500,000 monthly drops we were seeing in December and January."

April and May are when employers typically ratchet up their spring hiring, and it will be a good time to gauge if labor demand is beginning to turn around, Levanon said.