U.S. job openings decrease in February, hires edge down

The Job Openings and Labor Turnover Survey (JOLTS) published by the Labor Department on Tuesday revealed a 1.9 percent m-o-m drop in the U.S. job openings in February after a revised 7.0 percent m-o-m gain in January (originally a 6.3 percent m-o-m advance).

According to the report, employers posted 6.882 million job openings in February, compared to the January figure of 7.012 million (revised from 6.963 million in original estimate) and economists' expectations of 6.600 million. The job openings rate was 4.3 percent in February, down from an unrevised 4.4 percent in the prior month. The report showed that job openings decreased in real estate and rental and leasing (-30,000) and information (-29,000).

Meanwhile, the number of hires fell by 0.5 percent m-o-m to 5.896 million in February from a revised 5.925 in January. The hiring rate remained unchanged at 3.9 percent. The hires level increased in durable goods manufacturing (+29,000) and retail trade (+18,000), but fell in construction (-26,000), accommodation and food services (-19,000) and educational services (-12,000).

The separation rate in February was 5.560 million or 3.6 percent, compared to 5.703 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).