Things could be better, but they could also be worse. Even before the world seemingly turned upside down in March following the US-Israeli war with Iran, the labor market was already “stuck in neutral,” as Laura Ullrich, director of economic research in North America at Indeed’s Hiring Lab, described it. Job demand continued to fall in February, while attrition largely remained the same, according to the newest Job Openings and Labor Turnover Survey from the Bureau of Labor Statistics, published on Tuesday. Diving into the data. Job openings fell to 6.9 million in February, from 7.2 million in January. Similarly, total hires fell by around half a million in that same period, to 4.8 million in February. The total hires rate for February decreased to 3.1%, which hasn’t been that low since April 2020. Total quits declined slightly to 3.1 million in February, from around 3.1 million in January, while layoffs and discharges were unchanged at 1.7 million. Keep reading on HR Brew.—PM |