U.S. job openings fell below seven million in February, signaling a cooling labor market. The Bureau of Labor Statistics reported 6.882 million vacancies, down 358,000 from January's revised 7.24 million. Meanwhile, private-sector hiring dropped to its lowest rate since 2010, with only 4.5 million workers hired in February—a decline of 503,000 from January. The overall hire rate, including public-sector jobs, fell to 3.1%, the lowest since April 2020.
**Sector-Specific Declines**
Hiring rates declined across multiple sectors, with the most severe drops in **construction and professional/business services**, according to Indeed Hiring Lab. The data follows a troubling February jobs report showing a **92,000-job loss**, adding to signs of a weakening labor market.
**Political Implications**
The slowing labor market poses challenges for President Donald Trump, who faces low economic approval ratings. Republicans, aiming to retain congressional control, may see the data as a hurdle amid Democratic efforts to regain power.
**Long-Term Trends**
Job openings have trended downward since peaking at **11.9 million in March 2022**, with a recent low of **6.6 million in December**. The "quits rate," a measure of voluntary job departures, remains a key indicator of labor market health.