Number of job openings fell in February
Employee recruiting hit a snag in February following a report from the U.S. Department of Labor that revealed job openings fell by 161,000. Overall, the number of positions waiting to be filled slipped to 2.76 million as employers expressed some caution about hiring rates as the economy nears the end of the first quarter of 2011. However, there was a measure of good news as the DOL found that the number of firings also declined in February.
Nevertheless, the unemployment rate is expected to hover around 9.1 percent in 2011, according to an economic survey from Bloomberg. That forecast comes after the unemployment rate fell to 8.9 percent in February and employee recruiting reached its highest rate in nine months.
"Job openings are low and hiring has been weak," Michael Feroli, chief U.S. economist at JPMorgan & Co. Inc. in New York, said before the report. "There is still cautiousness on the part of firms about hiring new people."
The February hiring report arrived after job openings dipped 5.5 percent in January. Additionally, government jobs - which buoyed hiring during the recession - also had 115,000 fewer jobs available in January.
Nevertheless, the unemployment rate is expected to hover around 9.1 percent in 2011, according to an economic survey from Bloomberg. That forecast comes after the unemployment rate fell to 8.9 percent in February and employee recruiting reached its highest rate in nine months.
"Job openings are low and hiring has been weak," Michael Feroli, chief U.S. economist at JPMorgan & Co. Inc. in New York, said before the report. "There is still cautiousness on the part of firms about hiring new people."
The February hiring report arrived after job openings dipped 5.5 percent in January. Additionally, government jobs - which buoyed hiring during the recession - also had 115,000 fewer jobs available in January.
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