Americans switched jobs in February in a near record-breaking 4.4 MILLION people quit, while firms hired 6.7 million and reported 11.3 million job openings as the “big resignation” continues
- Job vacancies, a measure of labor demand, fell by 17,000 to 11.3 million in February
- Around 4.4 million people quit their jobs in February, close to a record high
- Most people who quit in the Great Resignation leave for better jobs
- Companies continued to have trouble finding workers in the tight labor market
Job turnover stayed near record highs over the past month as companies continued to struggle to find scarce workers and millions stopped looking for better opportunities.
Job vacancies, a measure of labor demand, fell 17,000 to 11.266 million on the last day of February, the Labor Department said in a new report on Tuesday.
Despite the second consecutive month of slight decline, job listings weren’t too far off the record high of 11.448 million set in December.
Data suggests that over the past month, companies were still desperate for workers but struggled to find enough people to fill their vacancies.
Job vacancies, a measure of labor demand, fell 17k to 11.266m on the last day of February but remained near November’s record high
A Hiring Now sign on the window of a rotisserie chicken restaurant in Bethesda, Maryland
About 4.4 million people quit their jobs in February, the government report said, down slightly from a record 4.5 million in November.
Still, far more Americans are leaving their jobs than before the pandemic, a trend known as the “Great Resignation” and a positive sign for workers, as most people who quit go for a better-paying job.
The new Job Openings and Labor Turnover Survey, or JOLTS report, found that the number of layoffs in finance and insurance fell by 30,000 from January.
But voluntary resignations increased in most other categories, and the overall churn rate jumped to 2.9 percent, from January and close to a record high of 3 percent in November.
The termination rate rose in large companies with 1,000 to 4,999 employees.
Retail terminations up (+74,000); Durable Goods Manufacturing (+22,000); and state and municipal educational institutions (+14,000).
Pedestrians walk past a Now Hiring sign on March 16, 2022 in Arlington, Virginia
Geographically, the termination rate was little changed from the previous month in the four regions measured by the Department of Labor.
Major US stock indexes rose in midday trade on Tuesday amid signs that talks over an end to the war in Ukraine are making headway.
The Federal Reserve has already announced a 0.25 percent hike in its key interest rate and is poised to raise rates further.
Wall Street also reviews the latest economic updates this week. US consumer confidence rebounded in March, according to a report by economic research group The Conference Board.
The Commerce Department will release its February personal income and spending report on Thursday, and the Labor Department will release its March employment report on Friday.
Economists predict Friday’s report will show employers added 475,000 jobs in March.
That would be fewer than the 678,000 jobs created in February as the Omicron variant of the coronavirus faded and more Americans ventured into restaurants, shops and hotels.
The country’s unemployment rate fell to 3.8 percent in February, the lowest since the pandemic broke out two years ago.
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