7.56 Million Job Openings Last Month
Down 190,000 from Previous Month
The number of job openings in the United States last month fell short of market expectations, indicating signs of a cooling labor market. However, the layoff rate remained steady, suggesting that the labor market's health is not compromised.
According to the Job Openings and Labor Turnover Survey (JOLTs) released by the U.S. Department of Labor on the 1st (local time), the number of job openings in February this year recorded 7.568 million, down by 194,000 from the previous month (7.762 million). This also fell short of the market forecast of 7.69 million.
By industry, job openings decreased in retail (down 126,000), finance and insurance (down 80,000), travel and hospitality (down 61,000), and food and accommodation services (down 34,000).
Hiring was 5.4 million, and the employment rate remained steady at 3.4% compared to the previous month.
Separations totaled 5.3 million, with a separation rate of 3.3%, similar to the previous month. Among these, voluntary separations were 3.2 million, with a voluntary separation rate of 2%, both maintaining the previous month's level. However, compared to a year ago, voluntary separations decreased by 273,000. The decline in people leaving their jobs voluntarily can be interpreted as job searching not being as easy as before. Involuntary separations, meaning layoffs, were 1.8 million, with a layoff rate of 1.1%, also steady from the previous month.
The number of job openings per unemployed person, a key indicator watched by the U.S. Federal Reserve (Fed), remained at 1.1.
Due to uncertainty over President Donald Trump's tariff policies, consumer sentiment has cooled, and companies have postponed investment plans, raising concerns on Wall Street that economic growth and the labor market may slow down. This is why the market pays close attention to employment indicators that can gauge economic trends. Earlier, Jerome Powell, Chair of the U.S. Federal Reserve, described the current labor market as "a situation with low layoffs and weak hiring."
A more accurate picture of the labor market will be available in the March employment report to be released by the U.S. Department of Labor on the 4th. Nonfarm payrolls are expected to increase by 139,000 this month, falling short of February's figure of 151,000. The unemployment rate is expected to remain steady at 4.1% as in the previous month.
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