- US
job openings totaled 11.3 million in February, according toJOLTS data published Wednesday. - That's barely down from January's count and above the median forecast for 11 million openings.
The
US job openings fell slightly to 11.3 million last month, according to Job Openings and Labor Turnover Survey, or JOLTS, data published Wednesday by the Bureau of Labor Statistics. Economists surveyed by Bloomberg held a median forecast of 11 million openings. The reading brings job openings to their lowest since December, though the sum still sits well above the pre-pandemic average of about 7 million.
Openings fell the most in the finance and insurance sector, with such firms shedding 63,000 openings. Non-durable goods manufacturers followed with a 39,000-opening decline.
The arts, entertainment, and recreation sector saw the biggest jump in openings, with businesses adding 32,000 roles through the month. Educational services added 26,000 openings, and the federal government counted for 23,000 listings.
The report offers new detail on just how well the
Labor force participation also edged higher, albeit to levels still far from marking a full recovery. The measure has taken on more relevance than usual through the pandemic recovery as millions of Americans stick to the job market's sidelines. That trend helped keep the labor shortage alive, as it withheld worker supply while job openings soared higher.
There were roughly 0.6 available workers for every job opening in February, holding at the same record low seen since December. Put another way, there aren't enough workers for every job opening across the country.
That kind of imbalance reveals "a very, very tight labor market — to an unhealthy level," Federal Reserve Chair Jerome Powell said in a March 16 press conference. The worker shortage puts more pressure on businesses to raise prices as they look to service overwhelming demand. If that cycle becomes entrenched, it could leave inflation trapped at uncomfortably high levels, he added.