U.S. Job Openings Decline in February, Hiring Pace Slows Significantly

Odaily News: U.S. job openings fell in February, and hiring slowed noticeably, indicating that labor demand had already begun to cool before the Iran conflict introduced additional uncertainty. Data released by the U.S. Bureau of Labor Statistics on Tuesday showed that job openings decreased from a revised 7.24 million in January to 6.88 million. Following a brief rebound in job openings at the start of the year, the simultaneous slowdown in both hiring and openings suggests that businesses are becoming more cautious about hiring after a period of near-zero growth. Looking ahead, the surge in oil prices triggered by the conflict could increase business operating costs and act as a drag on further hiring. The decline in job openings was primarily driven by decreases in accommodation and food services, healthcare and social assistance, and manufacturing. The hiring rate dropped to its lowest level since April 2020, while the layoff rate edged up slightly. Although major companies like Meta and Oracle are proceeding with large-scale layoffs to reallocate resources towards AI investments, the overall level of layoffs in the broader economy remains relatively moderate. (Jin10)