Lede

While the job market is still in favor of workers, there has been a gradual cooling in February, according to labor data.

Summary

• Job openings fell by 632,000 to 9.9 million in February, the lowest level since May 2021, but significantly higher than pre-pandemic levels.
• The number of job openings is still advantageous for workers, but job seekers should proceed with caution as the Federal Reserve has raised interest rates to cool the economy and tame inflation.
• Layoffs remain historically low, and the job market is hotter than it was in 2019, but workers looking for a new job may experience a slowdown relative to the dynamic in 2021.
• The recent turmoil in the banking sector may affect the labor market and economy, but labor experts do not believe layoffs in the technology sector indicate the health of the broader economy.
• Despite the job market still being strong, workers should do their research and consider whether the business or industry they are interested in will be healthy moving forward, and whether the company is a good fit.