U.S. job openings dropped to their lowest level in nearly two years in February, suggesting that labor market conditions were finally easing, welcome news for the Federal Reserve as it considers whether to pause its interest rate hiking cycle.
Despite the larger-than-expected decline in job vacancies reported by the Labor Department on Tuesday, the labor market remains tight, with 1.7 job openings for every unemployed person in February, down from 1.9 in January. Fed officials have been closely monitoring this ratio. Friday's employment report for March will shed more light on the labor market's health.
Job openings, a measure of labor demand, were down 632,000 to 9.9 million on the last day of February, the lowest level since May 2021, the monthly Job Openings and Labor Turnover Survey, or JOLTS report, showed. They fell 1.3 million in first two months of this year. Small and medium-sized businesses, who have been the drivers of job growth, accounted for most of the decrease, with establishments with a 1,000 workers and more reporting a small reduction in job openings.DANGEROUS SITUATION
The Fed last month raised its benchmark overnight interest rate by a quarter of a percentage point, but indicated it was on the verge of pausing further rate hikes due to financial market turmoil. The U.S. central bank has hiked its policy rate by 475 basis points since last March from the near-zero level to the current 4.75%-5.00% range.
Even as job openings declined, the number of people voluntarily quitting their positions increased 146,000 to 4.0 million. The resignations were mostly in small businesses.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
USD/CAD weakens back below 1.3500 mark, touches its lowest since February 21The USD/CAD pair attracts fresh sellers following a modest intraday bounce to the 1.3535 area on Monday and drops to a fresh low since February 21 dur
Weiterlesen »
Construction spending falls in FebruaryConstruction spending fell 0.1% in February, the Commerce Department reported Monday.
Weiterlesen »
China: Plug-In Car Sales Reached 33% Market Share In February 2023Plug-in electric car sales in China substantially increased in February, which is a positive sign after the slowdown in January.
Weiterlesen »
JSO arrests suspect in February Pine Forest murderThe Jacksonville Sheriff’s Office arrested Harold Samuel, 25, on Friday in connection with a Feb. 20 murder in the Pine Forest neighborhood.
Weiterlesen »
Ohio casinos and racinos break record, again, with $197 million of revenue in FebruarySaying Ohio’s casinos and racinos “broke a record” sounds like a broken record. They collectively set the monthly record for January last month, and break monthly records pretty often.
Weiterlesen »
CNN’s Jim Sciutto blasted for February Chinese spy balloon tweet that ‘aged like cheese'CNN anchor Jim Sciutto was roasted Monday for a poorly aged tweet claiming officials were able to “block' the infamous Chinese spy balloon from gathering intelligence.
Weiterlesen »