Job Openings Declined in February, Showing Labor Market ‘Gradually Cooling’

The number of job openings in the United States declined to 7.57 million in February, down from 7.76 million in January and 8.45 million in February 2024, the Bureau of Labor Statistics (BLS) said Tuesday (April 1).

The BLS released the figures in a table as part of its monthly Job Openings and Labor Turnover Summary (JOLTS).

In a press release, the agency characterized the month-over-month decline as “little changed” but noted that the year-over-year drop amounted to 877,000 fewer job openings.

The number of job openings in finance and insurance dropped by 80,000 compared to January, per the release. The number dropped by about 23%, from 350,000 in January to 270,000 in February, according to the table.

Across all industries, the decline in the number of available positions exceeded that expected by economists but signaled a labor market that is “only gradually cooling,” Bloomberg reported Tuesday.

Among economists surveyed by Bloomberg, the median estimate called for 7.66 million job openings, according to the report.

Job openings remained largely stabilized at a level around where they were before the pandemic, per the report.

Reuters attributed the decline in the number of job openings in February to employers’ uncertainty about the economy due to tariffs on imports.

Economists surveyed by Reuters had forecast 7.61 million job openings for the month, according to its Tuesday report.

The Conference Board reported March 25 that consumer confidence slipped for the fourth straight month in March. The Expectations Index, which measures consumers’ short-term outlook for income, business and labor market conditions, plunged to its lowest level in 12 years.

The University of Michigan’s Surveys of Consumers’ final results for March showed consumer sentiment falling for the third straight month, with consumers expressing worsening expectations for their personal finances, business conditions, unemployment and inflation.

The BLS said in its table that it gauged the number of hires in February at 5.4 million, which was little changed from the previous month but down from 5.7 million a year earlier. The number of total separations in February was 5.3 million, essentially unchanged from January but down from 5.5 million in February 2024.

The BLS characterized the numbers of quits, layoffs and discharges alike as little changed, per its press release.

The post Job Openings Declined in February, Showing Labor Market ‘Gradually Cooling’ appeared first on PYMNTS.com.