The Job
Openings and Labor Turnover Survey (JOLTS) published by the Labor Department on Tuesday showed a 2.5 per cent
m-o-m decline in the U.S. job openings in January after an upwardly revised 3.4
per cent m-o-m surge (from +3.1 per cent m-o-m) in January.
According to
the report, employers posted 7.568 million job openings in February compared to
the January reading of 7.762 million (revised from 7.740 million in last
month’s report) and economists’ forecast of 7.630 million. The job openings rate came in at 4.5 per cent
in February, down from an upwardly
unrevised 4.7 per cent (from 4.6 per cent) in the previous month.
At the same
time, the number of hires increased
by 0.5 per cent m-o-m to 5.396 million in February compared to a downwardly
revised 5.371 million (from 5.393 million) in January. This was the highest reading
since September 2024 (5.519 million). The hiring rate remained unchanged at 3.4 per cent.
The separation
rate was 5.261 million (or 3.3 per cent) in February, down 0.2 per cent from an
upwardly revised January reading of 5.272 million (or 3.3 per cent). Within separations, the number of quits reached 3.195
million (-1.9 per cent m-o-m) and the number of layoffs was 1.790 million (+6.9 per cent m-o-m). The quits
rate was 2.0 per cent (flat m-o-m), and the layoffs rate was 1.1 per cent (flat m-o-m).