US JOLT figures show recruitment starting to slip

The U.S. Bureau of Labor Statistics has reported that job openings have decreased to 9.9 million on the last business day of February. The number of hires and total separations remained relatively stable at 6.2 million and 5.8 million, respectively.

The decrease in job openings was most significant in professional and business services, health care and social assistance, and transportation, warehousing, and utilities. However, the construction and arts, entertainment, and recreation industries saw an increase in job openings.

The number and rate of hires remained relatively unchanged in February, with the federal government seeing an increase of 8,000 hires. Total separations, including quits, layoffs and discharges, and other separations, changed little at 5.8 million, with the transportation, warehousing, and utilities industry experiencing a decrease while educational services saw an increase.

The number of quits edged up to 4 million, with increases seen in professional and business services, accommodation and food services, wholesale trade, and educational services, but decreases in finance and insurance.

The number of layoffs and discharges decreased to 1.5 million, with the professional and business services industry experiencing the most significant decline. Other separations remained relatively stable at 291,000, with increases seen in finance and insurance and wholesale trade.

The region seeing the biggest fall since January (expressed as a percentage) is the Midwest – not a big surprise given the fall in many of its industry sectors – while the Northeast’s relatively strong performance is also unremarkable given insurance and finance’s strong performance.

Overall, the report suggests a stable job market, with slight fluctuations seen in job openings and separations across various industries.