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Hiring · Job Openings · JOLTS · US Labor Market
US job openings and hiring significantly declined in February, with job openings falling to 6.882 million and hires dropping to 4.8 million, marking the lowest hiring rate since April 2020, according to the Job Openings and Labor Turnover Survey (JOLTS) data.
The number of job openings decreased from January's upwardly revised 7.24 million, maintaining a job openings rate of 4.2%. Hires saw a substantial reduction of 498,000 during the month, pushing the hires rate down to 3.1%.
This slowdown in hiring was primarily driven by declines in the accommodation and food services sector, as well as construction. Total separations remained largely unchanged at 5 million, with quits holding steady at 3 million and layoffs and discharges stable at 1.7 million.
Sector-specific data indicated a fall in job openings within accommodation and food services and mining and logging, while retail trade experienced an increase in layoffs and discharges. The federal government also reported a decline in both separations and quits.
