US equities slip after job openings disappointment

February jobs report shows fewer jobs and layoffs on the rise, with DOGE federal layoffs likely not yet reflected

article-image

Arsenii Palivoda/Shutterstock and Adobe modified by Blockworks

share

This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.


US equities slipped early in today’s session on February’s disappointing Job Openings and Labor Turnover Survey (JOLTS) report. 

The release shows that job openings continued to drop, while quits also declined. Hiring and firing rates were mostly unchanged. Layoffs, however, were on the rise. 

The S&P 500 and Nasdaq Composite indexes fell as much as 0.7% and 0.8%, respectively, after the report was published. 

Job openings came in at 7.56 million — a four-year low — compared with a projected 7.63 million. Additional DOGE-related layoffs and slowdowns in federal hiring are likely not included in February’s figures. 

Odds of a May interest rate cut from the Federal Reserve ticked up slightly on the report. Those odds now sit at 15.2%, per data from CME Group. 

Friday’s March employment report will give markets, and central bankers, a better look at current labor market conditions. If inflation continues to inch higher and the employment situation deteriorates further, the current pause may not last much longer.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research

article-image

For just $54, you, too, could send a memecoin 500% higher

article-image

Memecoins, tech, and inflation have dominated the first half of the year

article-image

As the Trump administration continues to test Fed independence, markets are beginning to react

article-image

An Aave interest rate shock prompted over 475,000 validators to exit and pushed stETH into a prolonged depeg

article-image

While Roman Storm’s team is set to present its case, it’s not yet clear if the Tornado Cash founder will testify

article-image

A wireless network inspired by lost drones is now helping telco carriers reach your phone indoors