U.S. Labor Market Shows Cooling Trends
The total count of available positions reached 6.882 million, falling from January’s revised figure of 7.24 million, while the openings rate remained unchanged at 4.2%.
Hiring activity also dropped by 498,000 over the month, bringing the total to 4.8 million. This decline pushed the hiring rate down to 3.1%, marking the lowest point since April 2020. The sharpest reductions in hiring were observed in accommodation and food services, along with the construction sector.
Overall separations showed minimal variation, holding at 5 million. The number of individuals voluntarily leaving their jobs stayed stable at 3 million, and layoffs and discharges remained consistent at 1.7 million.
Across industries, job vacancies declined notably in accommodation and food services as well as in mining and logging, whereas layoffs and discharges rose within the retail trade sector.
Additionally, both separations and voluntary quits recorded a decrease within the federal government sector.
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