Wells Fargo Reports: JOLTS: Job Openings Jump in February

Month-end openings improved in February and suggest March’s slowdown in net hiring will be short lived. Turnover slowed last month, but is little changed on trend. Quits account for a growing share of separations.

March Slowdown in Payrolls Looks Temporary

• Job openings rose in February to a seventh-month high, offering some evidence that the March slowdown in nonfarm payrolls is likely to be temporary. Gross hiring dipped, but is roughly flat versus a year ago.
• While openings remain above hires, the gap has narrowed over the past six months and suggests that employers are somewhat less cautious or are having an easier time filling open jobs.

Federal Hiring Freeze Takes Effect

• Hiring of federal workers slowed after the “freeze” implemented in late January, with the gross number of workers hired falling to 33,000—about 20 percent below the prior 12-month average.
• Separations fell in February, but the mix continues to improve. The share of workers leaving their job voluntarily is above the highs of last cycle and indicates that workers feel increasingly confident about their job prospects.