April 16, 2018
All indicators reveals that the labor market remains stable for the month of February, a recent release from the U.S. Bureau of Labor Statistics reported. According to the report, “Over the month, hires and separations were little changed at 5.5 million and 5.2 million, respectively. Within separations, the quits rate was unchanged at 2.2 percent and the layoffs and discharges rate was little changed at 1.1 percent.” The number of job openings remained flat at 6.1 million as at the end of February.
There were 6.1 million job openings for the month of February, similar to the previous month of January. Even-though government experience little increase, job openings marginally dipped for private firms in February. Job openings increased in finance and insurance by 69,000 and state and local government education by 31,000. Job openings decreased in a number of industries with the largest decreases being in accommodation and food services (91,000), construction (56,000), and wholesale trade (38,000).
The hiring rate was 3.7% or 5.5 million in February, no significant change from the previous months figure. Hires decreased in educational services (48,000). The number of hires was little changed for total private and for government.
Total separations (turnover) includes quits, layoffs and discharges, and other separations. Other separations includes separations due to retirement, death, disability, and transfers to other locations of the same firm. The number of total separations was 5.2 million in February. The total separations rate was 3.5%. Total separations increased in federal government by 9,000 but decreased in state and local government education by 17,000. The number of quits was little changed at 3.2 million in February. The quits rate was 2.2 percent. The number of quits was little changed for total private and for government. Quits decreased in other services by 41,000.
There were 1.6 million layoffs and discharges in February, little changed from January. Layoffs and discharges decreased in state and local government education by 13,000. The number of other separations was little changed in February at 334,000. Other separations increased in federal government by 7,000 but decreased in nondurable goods manufacturing by 6,000.
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