. February Job Openings in the United States: Key Insights

February Job Openings in the United States: Key Insights

February Job Openings in the United States: Key Insights

02 Apr 2024

In February, job openings in the U.S. remained relatively stable; quits edge up.

In February, job openings in the United States remained steady at elevated levels, while there was a slight uptick in the number of individuals voluntarily leaving their jobs.

According to the monthly Job Openings and Labor Turnover Survey (JOLTS) report released by the Labor Department’s Bureau of Labor Statistics on Tuesday, job openings, a gauge of labor demand, increased slightly by 8,000 to reach 8.756 million on the final day of February.

Revised figures for January indicate a decrease, with unfilled positions now reported at 8.748 million compared to the previously stated 8.863 million. Economists surveyed by Reuters had anticipated 8.740 million job openings for January. The highest recorded number of job openings reached a peak at 12.0 million in March 2022.

In February, hiring rose by 120,000 to reach 5.818 million. Additionally, the number of employees voluntarily resigning from their positions, possibly seeking better opportunities elsewhere, increased by 38,000 to 3.484 million.

In the previous month, Federal Reserve officials maintained the current policy rate of the U.S. central bank within the range of 5.25% to 5.50%, following a cumulative increase of 525 basis points since March 2022.

Policy makers are projecting three rate cuts for this year, with financial markets anticipating the initial rate decrease to occur in June.

It is anticipated that the Labor Department will announce on Friday a rise of 200,000 jobs in nonfarm payrolls for March, following the addition of 275,000 jobs in February. The unemployment rate is expected to remain steady at 3.9%.