Hiring hits pandemic lows
U.S. hiring has cooled sharply: job openings fell to about 6.9 million in February and private payroll growth has slowed to roughly 18,000 new jobs per month, signaling weaker demand and longer sales cycles for vendors. Analysts warn March's jobs data may show further softness as inflation and geopolitical risk keep employers cautious. (fortune.com) (bostonglobe.com)
The Labor Department’s JOLTS data show hires fell by 498,000 in February and the hires rate dropped to 3.1%, the lowest reading since April 2020. (bls.gov) JOLTS decomposes the weakness by industry: job openings in accommodation and food services declined by 211,000 while hires in that sector fell by 178,000; construction hires fell by 88,000 in February. (bls.gov) Regional vacancy losses were concentrated in the South and Northeast, where openings fell by about 160,000 and 110,000 respectively, with smaller drops in the Midwest and West. (tradingeconomics.com) The BLS payroll survey recorded an outright decline in total nonfarm payroll employment of 92,000 for February while the unemployment rate held at 4.4%. (bls.gov) Federal Reserve Chair Jerome Powell told reporters on March 18 that the economy has “a sort of zero employment growth equilibrium,” a characterization he said “does have a feel of downside risk.” (federalreserve.gov) Private‑sector payroll measures have shown uneven monthly readings: ADP’s National Employment Report tallied about 63,000 private‑sector jobs added in February after a much smaller 22,000 in January. (verifiedinvesting.com) (usnn.news) Analysts point to rising inflation risks from the Middle East and the resulting oil‑price shock as near‑term upside inflation risks, and S&P Global said the shock has prompted upward revisions to 2026 inflation and downward revisions to growth forecasts. (spglobal.com) (cnbc.com)
