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U.S. Labor Market Shows Unusual Stagnation In February
The Job Openings and Labor Turnover Survey reveals a striking shift in the American labor market. Total job separations plummeted to 4.97 million in February, marking the lowest level since pandemic lockdown months and the lowest since 2015 outside that period. Voluntary quits dropped for the second consecutive month to 2.97 million, the weakest reading since 2017-2018. This suggests workers are holding onto jobs despite economic uncertainty. Layoffs and discharges ticked up slightly to 1.71 million, though the three-month average remains well below prepandemic levels. This peculiar combination of declining voluntary departures and stable layoffs indicates labor market stagnation rather than strength.