U.S. job openings barely changed in February, staying at historically high levels in a sign that the American job market remains strong, according to the Associated Press.
The Labor Department reported today that employers posted 8.76 million job vacancies in February, up modestly from 8.75 million in January and about what economists had forecast.
The Job Openings and Labor Turnover Survey, or JOLTS, however, showed that layoffs ticked up to 1.7 million in February from 1.6 million in January, the highest since March 2023. The number of Americans quitting their jobs — a sign of confidence that they can find better pay or working conditions elsewhere — rose modestly to 3.5 million.
Monthly job openings are down from a peak of 12.2 million in March 2022 but are still at a high level. Before 2021, they had never topped 8 million.
The high level of vacancies is a sign of the job market’s strength and endurance. Compared to layoffs, the steady drop in job openings is a painless way to cool a labor market that has been red hot, easing upward pressure on wages that can lead to higher prices.
