According to the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS), job openings in the US have seen little change, while quit rates slightly rose.
The survey showed that there were 11.3 million available positions last month, above the predicted 11 million from Bloomberg economists.
Additionally, 4.4 million US workers quit their jobs last month, with 2.9% voluntarily leaving their jobs, highlighting that the Great Resignation remains a consistent issue for the labor force.
The findings show that the tug of war between employers and employees remains rigid, as demand for new work arrangements, better pay, and overall improved working conditions grows.
Jerome Powell, chair of the Federal Reserve, says that the 1.8 job openings for every unemployed person in February shows a “very, very tight labor market – tight to an unhealthy level, I would say.”
Despite the stagnant levels of quit rates and job openings, the JOLTS report also showed that hiring in retail and construction grew by 105,000 and 75,000, respectively.
Business leaders have been encouraging workers to return to the office in recent months in hopes of returning to pre-pandemic normalcy. However, it is likely that those suffering from ongoing resignations are doing little to address the clear demand for new work arrangements and benefits.