A workman secures sheathing at a residential construction site in Mount Prospect, Ill., Monday, March 18, 2024. On Tuesday, April 2, 2024, the Labor Department reports on job openings and labor turnover for February. U.S. job openings barely changed in February, staying at historically high levels in a sign that the American job market remains strong.
But the Job Openings and Labor Turnover Survey, or JOLTS, showed that layoffs ticked up to 1.7 million in February from 1.6 million in January, highest since March 2023. The number of Americans quitting their jobs – a sign of confidence they can find better pay or working conditions elsewhere – rose modestly to 3.5 million.Gov. Spencer Cox aims to tackle housing crisis with new laws, but doubts remainMonthly job openings are down from a peak of 12.
Instead, the economy has continued to grow and employers have been seeking new workers and holding on to the ones they already have. Although the unemployment rate rose to 3.9% in February, it's come in below 4% for 25 straight months, longest such streak since the 1960s. The combination of easing inflation and sturdy job growth has raised hopes the Fed is managing to pull off a "soft landing'' — taming inflation without triggering a recession. The Fed stopped raising rates last July and has signaled that it plans to reverse course and cut rates three times in 2024. But it appears to be in no hurry to start, given the economy's strength and with inflation still above the central bank's 2% target.
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