The number of job openings decreased to 9.9 million — the lowest since May 2021 — on the final day of business in February, the U.S. Bureau of Labor Statistics reported.
New hires and total separations changed little, at 6.2 million and 5.8 million, respectively. Within separations, quits edged up at 4 million while layoffs and discharges decreased at 1.5 million.
Where Are the Job Openings?
The number of job openings increased in construction, up 129,000, and in arts, entertainment, and recreation at 38,000.
The largest decreases in job openings were in professional and business services, down 278,000, health care and social assistance down 150,000, and transportation, warehousing, and utilities are down 145,000 positions.
In February, establishments with one to nine employees saw little change in their job openings rate, hires rate, and total separations rate, but the layoffs and discharges rate decreased. Establishments with more than 5,000 employees saw little change in their hires rate and total separations rate while the job openings rate decreased.
Many analysts point to the jobs report as early evidence that Fed activities are taking hold.
Jobless Claims Jump
Two days after the job openings report, unemployment claims jumped to 228,000. Economists expected a slight rise to 201,000, compared with 198,000 in the previous week.
The market convulsed mid-morning on the news.
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