JOLTS: Job Openings Fall in February

U.S. job openings fell to 9.9 million in February, the Bureau of Labor Statistics reported Tuesday in its Job Openings and Labor Turnover Summary (JOLTS) report.

“Over the month, the number of hires and total separations changed little at 6.2 million and 5.8 million, respectively,” BLS said.

Wells Fargo Economics, Charlotte, said the job openings figure is the lowest since May 2021. “Overall, the jobs market is loosening, but not yet to a point where inflation pressures stemming from the labor market can be waved away,” said Wells Fargo Economics Senior Economist Sarah House.

BLS reported job openings increased in construction (+129,000) and in arts, entertainment and recreation (+38,000).

“Even with the moderation in openings over the past year, however, demand for workers remains elevated,” House said. “Openings remain noticeably above the highs of prior cycles. At the same time, and despite the steady drumbeat of layoff announcements in recent months, businesses still seem fairly keen to hold onto workers.” She noted the layoff and discharge rate dipped to 1.0% in February compared to an average of 1.2% between 2018 and 2019.

Though the number of separations changed little overall, the number of employee-initiated quits edged up 146,000 to 4.0 million while layoffs and discharges decreased 215,000 to 1.5 million. The total for other separations held fairly steady in February at 291,000. Other separations increased in finance and insurance (+19,000) and in wholesale trade (+10,000).