RJ and Makay

Good news from the U.S. Department of Labor (DOL): In February, businesses posted the largest number of job openings in more than two years, suggesting hiring is on the rise.

According to the DOL, employers advertised 3.1 million jobs in February, the most since September 2008 (the height of the financial crisis). Competition for jobs remains intense, though it has eased a bit. There were 4.4 people, on average, competing for each available job in February, down from nearly 7 per job in July 2009. Two applicants per job is considered a sign of a healthy economy.

Although it lost jobs, New York City's broad financial activities sector has posted its best hiring numbers in nearly a decade, reports the New York State Department of Labor (DOL).

Indeed, revised figures show employment in the sector fell by just 1,600 in January 2011, the best performance for that month since 2002. That's important because Wall Street galvanizes the New York City economy and spurs hiring in unrelated fields. The revised data did not include hiring numbers for the city's financial activities sector in January.

New applications for unemployment benefits fell significantly last week — by 42,000 to 415,000, says the Department of Labor (DOL). The continuing unemployment claims picture is looking a bit better, too. In the week ending January 22, continuing unemployment claims fell by 84,000 to a seasonally adjusted 3.93 million. Continuing claims reflect the number of people who previously filed for and are receiving jobless benefits.

Last week's drop in new applications was slightly better than predicted by economists, who were expecting a decline to a seasonally adjusted 418,000. The number of new claims for the prior week was revised higher by 3,000 to 457,000, the DOL notes.