Job openings, quits stay high in February

Employers hung “help wanted” signs in windows at near-record levels again in February. The Labor Department said employers posted 11.3 million job openings last month, matching January’s figure. The rate was only slightly below December’s record of 11.4 million. The number of Americans quitting their jobs was also historically high, at 4.4 million, up from 4.3 million in January.

What do these rates mean? More than 4.5 million people quit in November, the most on record dating back two decades. But the vast majority of those quitting did so to take another position. Tuesday’s report is separate from the government’s monthly employment report, which in February showed that employers added nearly 700,000 jobs. Analysts say the high number of job openings and quits is throwing fuel on the inflation fire because many companies have had to raise pay to attract and keep workers.

Dig deeper: Read my report in The Sift on the latest inflation details.