Data out today from the Bureau of Labor Statistics showed US job openings fell in February to 9.9 million, the lowest level since May 2021. While the degree of the decline was bigger than economists were expecting, vacancies are still quite elevated -- with some 1.7 openings per unemployed worker -- and the labor market remains strong. At the same time, the number of people quitting their jobs edged up, a sign that many workers still feel confident about finding a new job. Layoffs decreased. One thing to flag: This data can be extremely volatile from month-to-month. We'll get a better sense of just how fast labor demand is cooling in various pockets of the economy as more data is published. Check out our full story here: https://lnkd.in/efHjx7Tk
Kelsey Ray
1 年
Yes, exactly. The number of job openings is one of those metrics that fluctuates quite a bit, and I'd like to see more data before coming to a conclusion about the general state of the labor market. Reading this, I'm also curious to see how consumer spending tracks, and whether or not there is a decrease in demand due to tighter budgets. Thanks for sharing, Reade and Cate!
ManyMangoes ??
2 周
Interesting analysis on the job openings data. It's encouraging to see that the labor market is still strong, even amidst the fluctuations. What trends do you foresee impacting job openings in the coming months?
Natalie Nolan
1 年
Great insights!
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1 年The article does not provided enough context on the potential implications of this decline in job openings. While it does suggests that further progress is needed, particularly in the service sector, to help alleviate wage pressures, the article does not elaborate on the potential impacts of a cooling labor market on the overall economy.? Also, the article briefly touches on the response rate for the JOLTS survey has decreased over the years, but it does not provide a more detailed explanation of how this could impact the reliability of the data.