February’s job listings declined from a revised 10.6 million in January – in a sign that a softer U.S. economy is loosening up an historically tight labor market.
The numbers: Job openings fell to a 21-month low of 9.9 million in February in a sign that a softer U.S. economy is loosening up a historically tight labor market.
The number of people quitting jobs, meanwhile, rose slightly to 4 million, which came as a bit of a surprise. Quits had fallen below 4 million in January for the first time in 19 months. The number of job openings for each unemployed worker dropped to 1.7 in February from 1.9 in the prior month. That’s the lowest level since October 2021, but it is still well above prepandemic levels of 1.2.The so-called quits rate among private-sector workers rose a tick to 2.9%. It peaked at 3.3% almost one year ago.
“The job market is still not at the point where the Fed can take a step back and chill,” said senior economist Jennifer Lee of BMO Capital Markets.
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