U.S. job openings increase 3.8 percent in February; hires jump 5.0 percent

The Job Openings and Labor Turnover Survey (JOLTS) published by the Labor Department on Tuesday revealed a 3.8 percent m-o-m gain in the U.S. job openings in February after a revised 5.1 percent m-o-m surge in January (originally a 2.4 percent m-o-m advance).

According to the report, employers posted 7.367 million job openings in February compared to the January figure of 7.099 million (revised from 6.917 million in the original estimate) and economists’ expectations of 6.995 million. This was the highest reading since January 2019. The job openings rate was 4.9 percent in February, up from a revised 4.7 percent in the prior month (originally 4.6 percent). The report showed that the number of job openings rose in health care and social assistance (+233,000), accommodation and food services (+104,000), and arts, entertainment, and recreation (+56,000), but declined in state and local government education (-117,000), educational services (-35,000), and information (-34,000).

Meanwhile, the number of hires jumped 5.0 percent m-o-m to 5.738 million in February from a revised 5.465 million in January (originally 5.301 million). The hiring rate was 4.0 percent in February, up from a revised 3.8 percent in the prior month (originally 3.7 percent). Hires increased in accommodation and food services (+220,000), but fell in state and local government education (-80,000) and in educational services (-25,000). The separation rate in February was 5.456 million or 3.8 percent, compared to 5.323 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 (flat m-o-m).