Svmuu News U.S. job openings declined in February, and hiring slowed noticeably, indicating that labor demand was already cooling down before the war in Iran introduced additional uncertainty. Data released by the U.S. Bureau of Labor Statistics on Tuesday showed that job openings decreased from a revised 7.24 million in January to 6.88 million. Following a brief rebound in job openings at the beginning of the year, the simultaneous slowdown in both hiring and openings suggests that businesses are becoming more cautious in their hiring practices after a year of near-zero growth. Looking ahead, the surge in oil prices triggered by the war could increase business operating costs and pose a headwind to further hiring. The decline in job openings was primarily driven by pullbacks in accommodation and food services, healthcare and social assistance, and manufacturing. The hiring rate fell to its lowest level since April 2020, while the layoff rate edged up slightly. Although large companies, including Meta and Oracle, are proceeding with significant layoffs to reallocate resources towards AI investments, the overall level of layoffs in the broader economy remains relatively moderate. (Jin10)