Washington
CNN
—
Demand for workers in the US picked up slightly in February in a sign that the job market remains on strong footing, though layoffs picked up that month.
There were a seasonally adjusted 8.8 million job openings in February, a notch higher than the prior month’s downwardly revised 8.74 million, the Labor Department reported Tuesday. That was roughly in line with economists’ expectations. Openings remain well above pre-pandemic levels, but they’re down from a record high of 12.2 million in March 2022.
Openings soared the most in finance and insurance; state and local government excluding education; and arts, entertainment and recreation. Meanwhile, job vacancies dropped sharply in information and federal government.
However, while labor demand remains solid, the report also showed some possible signs of a loosening job market. Layoffs picked up in February, rising to 1.72 million from 1.6 million. For the past three years, layoffs hovered below pre-pandemic levels, but now they’ve risen above the lowest point in 2019.
The number of hires rose slightly in February to 5.8 million from 5.7 million.
This story is developing and will be updated.