| Actual | Previous | Revised | |
| Job Openings | 6.882M | 6.946M | 7.240M |
Highlights
The labor market story in February remains one of slow hiring and low firing. February's numbers need to be read with a little caution as the weeks of bitter cold weather and winter storms in late January into early February may have had an impact. Some open jobs may have gone unfilled due to the weather and temporary layoffs occurred related to shutdowns in activity. Also to be considered is renewed uncertainty for businesses as they sort through the ramifications of another change in tariff policy and unsettled geopolitical conditions.
The number of job openings declines 358,000 in February to 6.882 million after rising 394,000 to 7.240 million in January. The job openings rate is down to 4.2 in February from 4.4 in January. Job openings are down 307,000 for the private sector and down 51,000 iin government. Much of the February decrease is from a drop of 213,000 in leisure and hospitality.
The number of new hires is down 498,000 in February to 4.849 million with 503,000 fewer hires in the private sector an increase of 5,000 in government. The hiring rate is 3.1 in February after 3.4 in January. Hiring is down 88,000 in construction which could well be weather-related. There is a 154,000 decrease in professional and business services which could be related to the nurses' strike in New York in the month. Hiring in leisure and hospitality is down 185,000 in February and suggests decreased travel which could also be from the weather.
Separations are down 173,000 to 4.971 in February and the separations rate is 3.1 in February after 3.2 in January. Separations in the private sector are down 163,000 to 4.657 million and down 9,000 in government. Separations are down 111,000 in leisure and hospitality in February. If leisure and hospitality are not hiring and open positions are few, it is also not cutting current payrolls.
The number of workers voluntarily quitting jobs a subset of separations in February is down 157,000 to 2.795 million and the quits rate is 1.9 in February after 2.0 in January. Fewer workers are changing jobs or leaving the workforce entirely. In particular, there is less churn for workers in hospitality and leisure with a decrease of 126,000.
The number of workers laid off or discharges is up 61,000 in February to 1.721 million and the rate of layoffs is 1.1 in February after 1.0 in January. In February the largest industry is an increase of 72,000 in retail trade. Layoff activity remains low.
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.
