US Job Openings Drop, Labor Market Balances

0:00Job openings in the U.S. dropped to 6.88 million in February, down from a revised 7.24 million in January. Hiring slowed to its weakest level since April 2020, signaling employers are easing up on demand. Sectors like accommodation, food services, health care, and manufacturing led the pullback in vacancies. The quits rate fell to 1.9 percent, matching the lowest since 2020, while layoffs ticked up slightly but stayed low overall. This keeps the labor market balanced, with unemployed folks outnumbering openings for the first time in a while. The vacancies to unemployed ratio eased to 0.9, backing the feds take that jobs aren't fueling inflation. Consumer confidence actually rose in March, with more people saying jobs are hard to snag, the highest share since 2021. That hints at caution in switching gigs. Looking ahead, Friday's jobs report should show a payroll rebound in March, but the war in Iran is spiking oil prices, which could crimp hiring and keep rates high longer.

1:03That's the story for today. Vancouver News Today, driven by AI.