Job openings declined more than expected in February, signaling a modest cooling in the labor market, according to the latest Bureau of Labor Statistics data released Tuesday.
- Openings fell to 7.57 million on the final day of February, down from January’s 7.76 million, marking the second-lowest level in five months. Economists had anticipated a slightly smaller decrease to about 7.6 million.
- A notable drop of 80,000 openings in the finance and insurance sectors contributed significantly to the overall decline.
Total separations dipped slightly to 5.26 million from January’s 5.27 million but still recorded the second-highest level in four months, driven by increases in state and local government education (+32,000) and federal government (+11,000).
- Meanwhile, quits slightly decreased to 3.19 million from January’s 3.26 million but remained near recent highs, reflecting continued worker confidence in switching jobs.
What They’re Saying: Nick Timiraos broke it down on Twitter, “No sign of any hiring reacceleration in the JOLTS series for February. Job openings continue to grind lower. There were 1.07 openings for every worker counted as unemployed in February, little changed from the recent trend. Hiring and firing held steady. Quits edged down.”
Bottom Line: The data suggests the labor market continues its gradual adjustment toward balance.
