U.S.
The number of available positions decreased to 7.57 million from a revised 7.76 million reading in January, the Bureau of Labor Statistics Job Openings and Labor Turnover Survey, known as JOLTS, showed Tuesday. The median estimate in a Bloomberg survey of economists called for 7.66 million openings.
The pullback in openings was driven by declines in retail trade, financial activities and accommodation and food services.
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After steadily declining from a peak in 2022, job openings have largely stabilized around pre-pandemic levels. However, the uncertainty around President Donald Trump's policies is putting business investment plans on hold, which also risks damping the job market and economic growth overall.
Federal Reserve Chair Jerome Powell has characterized the job market as a "low firing, low hiring situation" that's held for several months. That's what economists expect out of Friday's jobs report, which is forecast to show hiring continued to moderate last month and the unemployment rate held at 4.1%.
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In the JOLTS report, the hiring rate was unchanged at 3.4% in February, near the lowest since the onset of the pandemic.
While the layoff rate remained in line with pre-pandemic levels, job-cut announcements have been mounting in recent months, driven by thousands of planned reductions in the federal government. A tally of March announcements is due Thursday.
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Consumers have been more downbeat about their job prospects and financial situations in recent sentiment surveys, which has businesses, including Walmart and American Airlines, warning of weaker demand ahead. To the extent that translates into a marked pullback in spending, companies' hiring plans could take a hit as well.
