Job openings across the United States remained relatively stable in February 2024, with little change from the previous month, new data show.
The data, released by the Bureau of Labor Statistics Tuesday said the number of job openings stood at 8.8 million on the last day of February, maintaining a consistent level compared to the previous month.
This figure marks a decline from the series high of 12.2 million recorded in March 2022, the BLS press release said.
Despite fluctuations in various sectors, the overall rate remained steady at 5.3 percent for the third consecutive month. Noteworthy increases in job openings were observed in finance and insurance, state and local government (excluding education), and arts, entertainment, and recreation industries. However, declines were noted in the information and federal government sectors.
The report indicates little change in both the number and rate of hires, which stood at 5.8 million and 3.7 percent, respectively, in February. However, there was a decrease in hires within the durable goods manufacturing sector. Total separations, encompassing quits, layoffs, discharges, and other separations, remained relatively stable at 5.6 million, with a consistent rate of 3.5 percent. While separations increased in arts, entertainment, and recreation, they decreased in transportation, warehousing, and utilities.
The number of voluntary separations, or quits, held steady at 3.5 million, maintaining a rate of 2.2 percent for the fourth consecutive month. Similarly, layoffs and discharges saw little change, with 1.7 million recorded in February. However, notable increases in layoffs and discharges were observed in accommodation and food services, as well as arts, entertainment, and recreation industries.
Analysis by establishment size class revealed minimal changes in job openings, hires, and total separations rates across different scales of businesses in February. Establishments with 1 to 9 employees and those with 5,000 or more employees reported little variation in employment trends.
The report also includes revisions to the January 2024 data, indicating a downward revision of job openings by 115,000, an upward revision of hires by 11,000, and an upward revision of total separations by 108,000. Notable revisions were observed in the number of quits and layoffs, reflecting adjustments based on additional reports received from businesses and government agencies.
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