Updated April 2nd, 2024 at 20:01 IST

US job openings steady in February, quits rise slightly

January's data was revised downward to show 8.748 million unfilled positions, compared to the previously reported 8.863 million.

Reported by: Business Desk
US job openings steady in February, quits rise slightly | Image:Jobs
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US jobs steady: Job openings in the United States remained at elevated levels in February, while the number of individuals quitting their jobs increased marginally, signalling a dynamic labour market.

According to the Labor Department's latest Job Openings and Labor Turnover Survey (JOLTS) report released on Tuesday, job openings edged up by 8,000 to 8.756 million on the final day of February. However, January's data was revised downward to show 8.748 million unfilled positions, compared to the previously reported 8.863 million. Economists had anticipated 8.740 million job openings for January.

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Hiring also saw an uptick, increasing by 120,000 to 5.818 million. Meanwhile, the number of workers resigning from their jobs, possibly seeking better opportunities, rose by 38,000 to 3.484 million in February.

In March, Federal Reserve officials chose to maintain the current policy rate within the 5.25 per cent to 5.50 per cent range, after having raised it by 525 basis points since March 2022. The Fed has indicated the possibility of three rate cuts this year, with financial markets expecting the first cut to occur in June.

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Looking ahead, the Labor Department is expected to release a report on Friday showing that non-farm payrolls increased by 200,000 jobs in March, following a gain of 275,000 jobs in February. The unemployment rate is forecast to remain unchanged at 3.9 per cent.

(with Reuters inputs)

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Published April 2nd, 2024 at 20:01 IST