The western part of the U.S. saw a jump in job openings even as other parts of the country reported stalled openings, data from the U.S. Bureau of Labor Statistics showed on Tuesday.
The states in the western region—Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, and Wyoming—overall saw job openings go up by 0.3 percent in February to nearly 1.9 million compared to the prior month.
This change in the west came as other parts of the country saw job openings unchanged while the South, which in real terms at about 3.4 million recorded the highest number of openings, saw opportunities actually tick down by 0.1 percent.
Overall, there were 8.76 million job openings across the U.S. in February at 5.3 percent, essentially the same figure compared to the previous month, the data shows. That number is down from a year ago when the rate was 6 percent.
Hiring at 3.7 percent and separations—which includes people leaving their jobs—was also unchanged, according to the Bureau of Labor Statistics.
Analysts say the data shows that the economy is still looking to add jobs.
"[It suggests] a stable and resilient labor market where workers' opportunities are gradually expanding," Julia Pollak, ZipRecruiter's chief economist, said in a note shared with Newsweek. "But the labor market typically lags behind other macroeconomic indicators, so we expect [job opening] indicators to improve in the coming months."
Finance and insurance firms reported the largest increases in job openings at 126,000, suggesting reports of potential mass layoffs in the sector may have been more about the industry recalibrating. Government jobs, at 91,000, and arts, entertainment and recreation at more than 50,000 were the next largest increases. Hiring went up in retail, transportation, warehousing and utilities, Pollak pointed out.
"Consumer spending and investment have been holding up surprisingly well, boosting activity in retail and logistics," she said, alluding to data showing that Americans are continuing to spend and in the process are powering the economy despite a tightened financial condition environment.
One particular section of the jobs market stood out, according to Pollak.
"Hires hit an all-time high in arts, entertainment, and recreation. Americans continue to spend on experiences—concerts, sporting events, and exercise classes," she said. "A sector that was all but shut down during the pandemic is booming and now has the best labor market conditions for workers on record, with the second-highest number of job openings (after the level in March 2022), and highest number of monthly hires taking place."
The Tuesday data showed a jobs market that has improved from its pandemic doldrums, Pollak pointed out.
"There are signs that a U.S. labor market rebound is underway. Leading indicators for the economy rose in February for the first time in two years," she said, adding that the American manufacturing sector is seeing a growth in orders. "Online job postings rose in February and March following a 20-month slide, according to data from ZipRecruiter."
Uncommon Knowledge
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Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
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Omar Mohammed is a Newsweek reporter based in the Greater Boston area. His focus is reporting on the Economy and ... Read more
