| Consensus | Consensus Range | Actual | Previous | Revised | |
|---|---|---|---|---|---|
| Job Openings | 8.8M | 8.7M to 8.8M | 8.756M | 8.863M | 8.748M |
Highlights
Data on job openings and labor turnover for February put the number of job openings essentially unchanged at 8.756 million in February after 8.748 million in January. This is only slightly below the consensus of 8.800 million in the Econoday survey of forecasters.
Job openings in private industries fell 48,000 in February while government rose 55,000. Though private job opening declines were broad-based, there was a substantial gain of 117,000 in financial activities and a solid one of 23,000 in leisure and hospitality. The job openings rate was unchanged at 5.3 in February from January.
Hiring rose 120,000 in February to 5.818 million from 5.698 million in January. Private hiring gained 129,000 with most of it attributable to a 121,000 rise in trade, transportation, and utilities. Government hiring fell 10,000 in February. The hire rate was 3.7 in February from 3.6 in January.
Separations were up 110,000 to 5.559 million in February from 5.449 million in January. Separations were up 106,000 for private industries and up 4,000 for government. Among private industries, separations rose 108,000 in retail, and up 68,000 in leisure and hospitality, while separations in manufacturing were down 27,000 and down 62,000 in transportation, warehousing, and utilities. The separations rate was unchanged at 3.5 in February from January.
The number of workers voluntarily quitting jobs a subset of separations was up 38,000 to 3.484 million in February from January. Quits were up 38,000 in private industries with high numbers of job leavers of 52,000 in trade transportation, and utilities including 77,000 in retail. Quits in professional and business services were up 42,000 in February. There was less churn in the leisure and hospitality sector with 48,000 fewer quits. There was no change in the number of quits in government. The quite rate was unchanged at 2.2 in February from January.
Layoffs and discharges another subset of separations were up 128,000 in February to 1.724 million after 1.596 million in January. Job cuts were up 113,000 in the private sector and up 15,000 in government. The largest number of layoffs by sector was 123,000 in leisure and hospitality. The rate for layoffs and discharges was 1.1 in February after 1.0 in January.
Overall, month-over-month changes are small and continue to reflect a solid labor market that is as close to normal as it has been since the onset of the pandemic. Fed policymakers will be satisfied that the imbalances in labor supply and demand continue to improve without triggering material changes in underlying economic expansion.
Job openings in private industries fell 48,000 in February while government rose 55,000. Though private job opening declines were broad-based, there was a substantial gain of 117,000 in financial activities and a solid one of 23,000 in leisure and hospitality. The job openings rate was unchanged at 5.3 in February from January.
Hiring rose 120,000 in February to 5.818 million from 5.698 million in January. Private hiring gained 129,000 with most of it attributable to a 121,000 rise in trade, transportation, and utilities. Government hiring fell 10,000 in February. The hire rate was 3.7 in February from 3.6 in January.
Separations were up 110,000 to 5.559 million in February from 5.449 million in January. Separations were up 106,000 for private industries and up 4,000 for government. Among private industries, separations rose 108,000 in retail, and up 68,000 in leisure and hospitality, while separations in manufacturing were down 27,000 and down 62,000 in transportation, warehousing, and utilities. The separations rate was unchanged at 3.5 in February from January.
The number of workers voluntarily quitting jobs a subset of separations was up 38,000 to 3.484 million in February from January. Quits were up 38,000 in private industries with high numbers of job leavers of 52,000 in trade transportation, and utilities including 77,000 in retail. Quits in professional and business services were up 42,000 in February. There was less churn in the leisure and hospitality sector with 48,000 fewer quits. There was no change in the number of quits in government. The quite rate was unchanged at 2.2 in February from January.
Layoffs and discharges another subset of separations were up 128,000 in February to 1.724 million after 1.596 million in January. Job cuts were up 113,000 in the private sector and up 15,000 in government. The largest number of layoffs by sector was 123,000 in leisure and hospitality. The rate for layoffs and discharges was 1.1 in February after 1.0 in January.
Overall, month-over-month changes are small and continue to reflect a solid labor market that is as close to normal as it has been since the onset of the pandemic. Fed policymakers will be satisfied that the imbalances in labor supply and demand continue to improve without triggering material changes in underlying economic expansion.
Market Consensus Before Announcement
January's 8.863 million was for the second report in a row slightly above Econoday's consensus. The consensus for February is 8.8 million.
Definition
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.
Description
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.
