US: Job openings slip amid winter weather - Wells Fargo

Analysts from Wells Fargo, point out that the decline in Jobs Openings in February took place despite a strong NFP report. They see the story of an ever-tightening labor market intact.

Key Quotes: 

“Job openings declined in February, falling 176,000 to 6.05 million. The fall in openings and hiring contrasts with the nonfarm payrolls report, which saw a 326,000 job surge in February. Winter weather and seasonal adjustments may be creating some noise in the data. Accommodation and food services and construction saw some of the largest monthly declines, providing some support to this hypothesis.”

“Quits rose 19,000 in February, while the quit rate held steady at 2.2 percent.”

“Rising labor force participation, particularly for prime-age workers, suggests the tightening labor market is steadily drawing individuals back into the workforce.”