A 6% reduction in job vacancies in February was observed from the previous month’s downwardly revised figure of 10.6 million, according to the Labor Department’s Job Openings and Labor Turnover Sur…
The strong job market remains a challenge for the fed’s goal to bring inflation down to 2%.The JOLTS report also shows that the quits rate — a measure of voluntary job leavers as a percentage of total employment – rose slightly to 2.6%, which translates to approximately 4 million Americans.
A 6% reduction in job vacancies in February was observed from the previous month’s downwardly revised figure of 10.6 million.Fed officials closely monitor this ratio and have highlighted the high number of job openings as a potential reason why the central bank could cool the labor market, and ultimately inflation, without ensuring a surge in unemployment.
As companies typically freeze hiring before laying people off, the JOLTS report will be a significant indicator of labor market vigor in the coming months.
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