Breaking: U.S. Job Openings Record Lowest In Two Years; Slips To 9.9 Million In February
The number of job vacancies decreased in February, falling below 10 million for the first time in nearly two years as an indication that the desire for workers softened despite a still healthy labor market. According to a report published by the Labor Department on Tuesday, there were 9.9 million job opportunities in February, which is a significant drop from the 10.6 million job openings recorded in January.
U.S. Job Openings Fare Lower Than Expected
The number of job openings, which is a measure of labor demand, fell by 632,000 to 9.9 million on the last day of February. This is the lowest level that it has been since May 2021, and turned out worse than what the market had anticipated. However, the number of job openings in February was significantly higher than the reported 5.9 million unemployed individuals seeking work, indicating that the labor market remained tight.
Read More: Here’s Why Elon Musk Changed Twitter’s Logo To That Of Dogecoin (DOGE)
In spite of the fall, the number of people laid off in February moved lower, and more Americans resigned from their jobs, which is an indication that they are confident of finding employment elsewhere with better pay or working conditions.
Market Demand Amidst Interest Rate Hikes
In the face of dramatically rising interest rates, the U.S. labor market has proven to be durable. The Federal Reserve has raised its benchmark interest rate nine times over the course of the past year in an effort to curb inflation, which reached a four-decade high last year. Since the middle of 2022, the spike in consumer prices has slowed, but they are still much higher than the 2% year-over-year target set by the central bank.
In light of this news, the U.S. stock market showed signs of exhaustion as even after opening higher, both the S&P 500 and the Nasdaq Composite have since experienced a decline of 0.2%. The Dow Jones Industrial Average fell by 100 points, which is equivalent to a 0.3% loss. On the other hand, Bitcoin’s price gained marginally at 0.20% and is currently exchanging hands at $238,195.
Also Read: U.S. Justice Department Seizes $112 Million Linked To Crypto Investment Scams
- ASTER Token Defies Crypto Market Consolidation With 14% Upside, Expert See Next Stop at $3
- MetaMask Gears Up for Major MASK Token Airdrop With Reward Points System Launch
- Coinbase Joins Ripple and Circle In Applying For National Banking License
- USDT Issuer Tether Eyes $200M Raise To Launch Tokenized Gold Treasury Company
- REX-Osprey Files For ADA, HYPE, XLM, SUI ETFs as Crypto ETF Frenzy Heats Up
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
