Job openings hovered near a four-year low in February as the labor market showed continued signs of slow cooling.
New data from the Bureau of Labor Statistics showed 7.57 million jobs open at the end of February, a decrease from the 7.76 million seen in January. Job openings in February remained near a level last seen in early 2021 and marked the lowest level since last September.
The data comes as investors closely watch for any signs that economic growth may be slowing further.
The January figure was revised higher from the 7.74 million open jobs initially reported. Economists surveyed by Bloomberg had expected Tuesday’s report to show 7.66 million openings in February.
The Job Openings and Labor Turnover Survey (JOLTS) also showed 5.4 million hires were made during the month, up slightly from the 5.39 million made during January. The hiring rate held flat at 3.4%. Also in Tuesday’s report, the quits rate, a sign of confidence among workers, fell to 2%, down from 2.1% the month prior.
Both the hiring and quits rates are hovering near decade lows
February’s JOLTS report comes as recent surveys have showed consumers are beginning to sour on the labor market. The most recent survey of consumers from the University of Michigan showed two-thirds of respondents expect the unemployment rate to move up in the year ahead, the highest reading since 2009. Also out on Tuesday, the Institute for Supply Management’s manufacturing employment index fell to 44.7% in February, down from 47.6% in February and at its lowest level since September 2024.
Broadly, that sentiment hasn’t shown up in economic data released by the Bureau of Labor Statistics. And economists expect that trend to continue in the March employment report due for release on Friday morning.
Consensus expects the report to show the US labor market added 140,000 jobs in the month, down from the 151,000 seen in February. Meanwhile, the unemployment rate is expected to hold steady at 4.1%.
Josh Schafer is a reporter for Yahoo Finance. Follow him on X @_joshschafer.
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