U.S. job openings fall more than expected in February

The Job Openings and Labor Turnover Survey (JOLTS) published by the Labor Department on Tuesday showed a decrease in the U.S. job openings in February.

According to the report, employers posted 7.087 million job openings in February, compared to the January figure of 7.625 million (revised from 7.581 million in original estimate) and economists’ expectations of 7.550 million. The job openings rate was 4.5 percent in February, down from 4.8 percent in the prior month. The report showed that the number of job openings fell for total private (-523,000) and was little changed for government. Job openings decreased in a number of industries, with the largest drops in accommodation and food services (-103,000), real estate and rental and leasing (-72,000), and transportation, warehousing, and utilities (-66,000).

Meanwhile, the number of hires edged down to 5.696 million in February from 5.829 in January. The hiring rate was 3.8 percent, down from 3.9 percent in January. The hires level was little changed for total private and fell for government (-40,000). The number of hires declined in construction (-73,000), nondurable goods manufacturing (-33,000), and state and local government education (-22,000).

The separation rate in February was at 5.556 million or 3.7 percent, compared to 5.532 million or 3.7 percent in January. Within separations, the quits rate was 2.3 percent (flat m-o-m), and the layoffs rate was 1.2 percent (+0.1 pp m-o-m).