Job openings hit 14-year high but hiring slows

The number of job openings in the U.S. reached a new 14-year high in February but hiring slowed slightly, the Labor Department said Tuesday.

Openings increased by 168,000 to 5.1 million, highest since January 2001, according to the Job Openings and Labor Turnover Survey (JOLTS).

The past couple of years, openings have surged but hiring has lagged, though it picked up in 2014.

The number of hires last month dipped to 4.9 million from 5 million. Hiring accelerated modestly in professional and business services, education and health care, and leisure and hospitality. It fell in construction, manufacturing and retail.

The number of people quitting jobs fell to 2.7 million after hitting a seven-year high of 2.8 million in January. A large number of quits is a sign of a dynamic labor market in which workers feel confident to leave one job for another.

The Labor Department previously reported that employers added a net 264,000 jobs in February, including hiring and layoffs. The JOLTS report provides a more detailed view of employees' movements and employer job postings.