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US job openings rise; layoffs post largest drop in 1-1/2 years

The U.S. job market showed signs of resilience in February 2024, with job openings increasing to 8.756 million from January's 8.748 million, according to the Labor Department's Job Openings and Labor Turnover Survey (JOLTS). This slight uptick indicates a robust demand for labor despite economic uncertainties. Concurrently, layoffs experienced a significant decline, dropping by 17% to 1.5 million, marking the largest decrease in one and a half years. This reduction in layoffs suggests that companies are retaining workers, possibly due to difficulties in rehiring or a cautious approach to downsizing. Additionally, the quits rate, which reflects voluntary job resignations, remained steady at 2.2%, indicating that workers are not rushing to leave their current positions, possibly due to economic caution or satisfaction with current employment conditions.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/markets/us-job-openings-rise-layoffs-post-largest-drop-in-1-1-2-years/ar-AA1vcAhE ]