U.S. job openings pulled back in February from a near-record in the previous month, as employers had some success in filling vacancies and became more reluctant to dismiss workers, Labor Department data showed Friday.
Number of positions waiting to be filled decreased by 176,000 to 6.052 million (estimates were for 6.02 million) from a downwardly revised 6.228 million in Jan. (previous 6.312 million).
Job openings and labor turnover survey or JOLTS layoffs declined to 1.647 million, lowest since Oct. 2016, from 1.784 million.
Private hiring fell to 5.161 million from 5.236 million. 3.21 million Americans quit their jobs, up from 3.191 million in Jan.; quits rate held at 2.2%.
The decline in February job postings may help explain jobs data for the month showing a 326,000 gain in nonfarm payrolls, the biggest gain since 2015, suggesting employers found qualified workers. The JOLTS report adds context to monthly payrolls figures by measuring dynamics such as resignations, layoffs and the pace of hiring.
The drop in openings reflected declines in accommodation and food services, as well as construction; trade, transportation and utilities; and professional and business services. Vacancies increased in finance and insurance; health care and social assistance; and state and local government.
The Labor Department’s March employment report, release last week, showed that despite a weaker pace of hiring, the unemployment rate remained at 4.1%, the lowest since 2000.
There were 1.1 unemployed people vying for every opening in February, compared with 1.9 people when the recession began at the end of 2007.
Job openings fell in Midwest, West; were little changed in Northeast and South. In the 12 months through February, the economy created a net 2.3 million jobs, representing 65.6 million hires and 63.3 million separations.
