Job openings tick up very slightly despite high interest rates

The number of job openings in the United States increased by very slightly to 8.76 million in February, a sign that the labor market still has underlying strength despite higher interest rates that have weighed on some sectors.

The new numbers, including openings across all sectors for that month, were released as part of the Job Openings and Labor Turnover Survey, which was updated by the Bureau of Labor Statistics on Tuesday.

The latest numbers show that even with the Federal Reserve having raised rates to multi-year highs, the labor market is holding up. It could give the Fed some ammunition to keep its interest rate target higher for longer.

About 3.5 million workers quit their jobs in February, little changed from the month before. The figure is equivalent to about 2.2% of the workforce.

The “quits rate” measures the number of people who voluntarily left
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