U.S. job openings decreased to 7.6 million in February, signaling a slowing but still healthy job market.
State of play: The number of vacancies was slightly lower than January’s revised 7.8 million and significantly less than the 8.4 million openings a year earlier.
- Job openings have been steadily declining since reaching a peak of 12.2 million in March 2022 during the economic recovery from COVID-19 lockdowns.
- Despite the slowdown, the American job market has displayed resilience, although it has lost momentum compared to the robust hiring period of 2021-2023.
What we’re watching: The outlook for hiring remains uncertain, influenced by factors such as trade wars, federal workforce reductions, and promises to deport millions of immigrants working illegally in the United States.
- The upcoming jobs report for March is anticipated to reveal a projected addition of 125,000 jobs, down from 151,000 in February and an average of 168,000 monthly additions in 2024.
- The unemployment rate is expected to rise to 4.2%, although it remains relatively low at this level.
