Key Points:
- The number of available jobs continues to outnumber Americans looking for work once again.
- Job openings rose to 7.74 million in January, above consensus, after December was revised down by 92,000 to 7.5 million.
- The number of job openings increased in real estate and rental and leasing (+46,000).
- The U.S. added 124,000 jobs in January and 151,000 in February, and there were 7 million people unemployed in February.
- The number of job openings for December was revised down by 92,000 to 7.5 million, the number of hires was revised down by 88,000 to 5.4 million, and the number of total separations was revised down by 187,000 to 5.1 million. Within separations, the number of quits was revised down by 102,000 to 3.1 million, and the number of layoffs and discharges was revised down by 102,000 to 1.7 million.
- In January, the number of hires changed little at 5.4 million. Hires decreased in mining and logging (-6,000).
- The number of total separations in January was little changed at 5.3 million.
- Within separations, quits (3.4 million) changed little and layoffs and discharges (1.6 million) fell slightly.
- Quits were down by 242,000 over the year. Quits increased in construction (+53,000) and in mining and logging (+6,000).
- Layoffs and discharges decreased in mining and logging (-8,000).
- The labor force participation rate fell to 62.4% and is 1.0% below its February 2020 level.
- The Right Facts will continue to monitor unemployment and job openings.