LPL Financial Economist Flags 6.882M Job Openings Drop, IT Hiring Uptick
LPL Financial's chief economist Jeffrey Roach noted that US job openings fell to 6.882 million in February, and quits rates dipped below pre-pandemic levels, signaling worker hesitancy. Roach highlighted sector divergence: healthcare hiring weakened while IT hiring and quits rose on strong product demand.
1. Cooling Labor Market Data
US job openings declined to 6.882 million in February, slightly below projections, while the quits rate fell under pre-pandemic levels, reflecting heightened worker uncertainty and potential moderation in labor mobility.
2. Sector Hiring Trends
Healthcare services saw a notable slowdown in hiring, pointing to possible softness in upcoming nonfarm payrolls for that sector, whereas information technology bucked the trend with increases in both hiring and quits amid strong product demand.
3. Consumer Confidence & Demand
US consumer confidence rose to 91.8 in March, surpassing estimates of 87.9, suggesting households remain optimistic despite a modest pullback in overall labor demand.
4. LPL Financial Viewpoint
Chief economist Jeffrey Roach emphasized that the mixed labor signals—softness in healthcare and strength in IT—underscore shifting sector dynamics important for economic forecasting and LPL’s advisory research.