U.S. Hiring Slumps to Pandemic Lows as Openings Fall
Job openings slid to roughly 6.88–6.9 million in February and the hires rate fell to 3.1%, the lowest since April 2020, according to the Labor Department's JOLTS report.
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Overview
The Labor Department's JOLTS report showed the hiring rate fell to 3.1% in February, the lowest since April 2020.
Job openings slipped from 7.24 million in January to roughly 6.88 to 6.9 million in February, signaling weaker labor demand.
Economists said hiring pullbacks were pronounced in hospitality, construction and among small businesses, and some described the market as "low fire, low hire."
The report showed gross hires fell to about 4.8 to 4.85 million, quits dropped to 2.97 million—the fewest since August 2020—and layoffs rose to roughly 1.72 million.
The Federal Reserve is set to announce its next interest-rate decision in late April, and economists warned geopolitical tensions have raised energy prices and heightened uncertainty.
Analysis
Center-leaning sources frame the story as a cooling labor market by foregrounding cautious and alarm-tinged language (e.g., 'low fire, low hire', 'not looking particularly healthy', 'AI jobs apocalypse'), prioritizing skeptical economists while including the Fed report mainly to temper fears. Structural emphasis on declining metrics and expert warnings reinforces a somber, risk-focused narrative.