The Job
Openings and Labor Turnover Survey (JOLTS) published by the Labor Department on
Tuesday showed a 0.1 per cent m-o-m uptick in the U.S. job openings in February
after a revised 1.6 per cent m-o-m decrease (from -0.3 per cent m-o-m) in January.
According to
the report, employers posted 8.756 million job openings in February compared to
the January reading of 8.748 million (revised from 8.863 million in last
month’s report) and economists’ forecast of 8.750 million. This was the first
gain in three months. The job openings
rate came in at 5.3 per cent in February, unchanged compared to an unrevised 5.3 per cent in the previous month. The report
revealed that the largest gains in job openings occurred in finance and
insurance (+126,000), state and local government, excluding education
(+91,000), and arts, entertainment, and recreation (+51,000). Meanwhile, the
biggest decreases took place in information (-85,000) and in federal government
(-21,000).
At the same
time, the number of hires climbed
by 2.1 per cent m-o-m to 5.818 million in February compared to an upwardly
revised 5.698 million (from 5.687 million) in January. This marked the highest
print since September 2023 (5.851
million). The hiring rate came in at 3.7 per cent, up from an unrevised
3.6 per cent in January.
Hires increased solidly in retail trade (+78,000) but plunged in durable goods
manufacturing (-44,000).
The separation
rate was 5.559 million (or 3.5 per cent) in February, up 2.0 per cent from an
upwardly revised January reading of 5.449 million (or 3.5 per cent). This represented
the highest reading since October 2023 (5.630 million). Within separations, the
number of quits reached 3.484 million (+1.1 per cent m-o-m) and the number of layoffs reached 1.724 million (+8.0 per
cent m-o-m). The quits rate was 2.2 per cent (flat m-o-m), and the layoffs rate was 1.1
per cent (+0.1 p.p. m-o-m).