U.S. job openings decline in February

U.S. job openings fall in the month of February in spite of a strong month of nonfarm payrolls report. Job openings eased to 6.05 million in the month, falling 176,000. The decline in openings and hiring contrasts with the non-farm payrolls report that recorded a sharp rise of 326,000 in February. Winter weather and seasonal adjustments might be creating some noise in the data. Accommodation and food services and construction saw some of the biggest monthly falls, providing some support to this hypothesis, noted Wells Fargo in a research report.

Quits rose 19000 in February, while the quite rate remained stable at 2.2 percent. Employment growth in recent months has been strong, averaging over 200,000 new jobs a month over the last six months. Rising labor force participation, especially for prime-age workers, implies the tightening labor market is steadily drawing individuals back into the workforce, stated Wells Fargo.

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