US Job Openings and Labor Turnover Summary for February

On Tuesday, the US Bureau of Labor Statistics (BLS) reported that the number of job openings was little changed in February at 6.9 million, with the job openings rate at 4.2%.

The number of hires decreased by 498,000 to 4.8 million and were down 387,000 over the year. The hires rate decreased over the month to 3.1%, the lowest hires rate since April 2020 when it was also 3.1%.

Total separations were 5.1 million (3.1%). Within separations, quits were 3.0 million (1.9%), layoffs and discharges were 1.7 million (1.1%), and other separations decreased by 75,000 to 277,000.

By establishment size, both small businesses (1–9 employees) and large employers (5,000 or more employees) saw little or no change in openings, hires, and separations rates.

Monthly Revisions

Revisions to January estimates show job openings were revised up by 294,000 to 7.2 million. Hires were revised up by 53,000 to 5.3 million, while total separations were revised up by 39,000 to 5.1 million. Within separations, quits were revised down by 6,000 to 3.1 million, and layoffs and discharges were revised up by 29,000 to 1.7 million.