The number of job openings in the United States fell to 10.8 million in January
There’s a slight chill running through the US labor market, but the temperature is still too high for the Federal Reserve. , down from an upwardly revised 11.23 million in December, the Bureau of Labor Statistics reported Wednesday as part of its monthly Job Openings and Labor Turnover Survey, or JOLTS. The consensus estimate from economists was for 10.5 million available positions in January, according to Refinitiv. The January JOLTS report showed that hiring increased to 6.37 million from 6.
Job openings, as recorded in the JOLTS data, have fallen 10% since their record peak of 12.03 million in March 2022. However, private-sector survey data and online job postings have shown a considerably stronger decline, said Julia Pollak, chief economist with ZipRecruiter. “We do expect that, at some point, JOLTS data will track what we’re seeing in online job postings, which have fallen around 28% since the Fed began its supersized interest rate hikes in June,” Pollak told CNN.
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