The total number of job openings in February is down to 9.931 million after a downward revision to 10.563 million in February. The February level is below the consensus of 10.4 million in an Econoday survey. The number of openings is the lowest since 9.840 million in May 2021. The job openings rate is down 4 tenths to 6.0 percent, its lowest since 6.0 percent in April 2021. Businesses are either finding the workers they need or eliminating unfilled openings. While the number of job openings remains elevated compared to the series history, this is a strong suggestion that the labor market is cooling.

The number of new hires in February is down 164,000 to 6.163 million after 6.327 million in January. The decrease is relatively small and follows an uptick in hiring in January. The rate of hiring is down a tenth to 4.0 percent in February and remains consistent with the last six months.

The total number of separations is down 80,000 to 5.820 million in February after a negligible downward revision to 5.900 million in the prior month. The number of layoffs and other discharges are down 215,000 and mainly shows a decline of 157,000 in professional and business services. The separations rate is down a tenth to 3.7 percent in February.

The number of workers voluntarily leaving their jobs quits are a subset of separations rose 146,000 to 4.024 million in February. Ironically, the number of workers quitting their jobs includes an increase of 115,000 in professional and business services. There's a hint here that some workers may be seeking a new job if they are concerned about their status at their current employer, particularly in the hard-hit tech sector whose highly skilled workforce may still be in demand elsewhere. The quits rate is up a tenth to 2.6 percent in February.

The decline in the number of job openings and the easier pace of hiring comes as businesses face concerns about an economic downturn. However, many are still not cutting current workforces and many workers continue to switch jobs in search of higher pay and benefits, or perhaps greater job security.

Job openings have been strong and, at 10.824 million in January, beat Econoday's consensus for a third straight month. Forecasters see February openings falling to a still very plentiful 10.4 million.

The Labor Department's JOLTS report tracks monthly change in job openings and offers rates on hiring and quits. The reporting period lags other employment data including the employment situation report. The word JOLTS stands for Job Openings and Labor Turnover Survey.

Although lagging the release timing of the employment situation report by a month, JOLTS provides additional information on the labor market. The payroll survey in the employment situation report provides numbers on net job changes. JOLTS breaks down labor market data into pre-net changes such as job openings, hires, and separations.