The Number of Available US Jobs Decreased in January

The Number of Available US Jobs , Decreased in January.

CNN reports that the number of job openings in the United States fell to 10.8 million in January, according to the Bureau of Labor Statistics.

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On March 8, the agency released its monthly Job Openings and Labor Turnover Survey, or JOLTS.

The January JOLTS report showed that hiring climbed to 6.37 million, while layoffs increased to 1.72 million.

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The January JOLTS report showed that hiring climbed to 6.37 million, while layoffs increased to 1.72 million.

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The rising number of layoffs signals a turnaround from the previous two years, impacting the job security of workers in the U.S. The large increase to 1.7 million [in January] brings them closer to the pre-pandemic average of 1.9 million and suggests that the period of unprecedented job security for American workers is coming to a close, Julia Pollak, chief economist with ZipRecruiter, via CNN.

Meanwhile, the report found that the number of people quitting their jobs dropped to 3.89 million.

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Quits are important because they tell us something about how workers are perceiving their relative bargaining positions in the labor market and [whether] they have outside options, Kris Mitchener, professor of economics at Santa Clara University, via CNN.

CNN reports that officials at the Federal Reserve have expressed concerns that the labor market could continue to drive up inflation.

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While the January JOLTS report shows job openings are heading in the right direction for the Fed, the decline is far too modest to convince that labor market conditions are cooling enough to bring down inflation, Oxford Economics economists, via statement.

While the January JOLTS report shows job openings are heading in the right direction for the Fed, the decline is far too modest to convince that labor market conditions are cooling enough to bring down inflation, Oxford Economics economists, via statement.

The Fed will put more weight on Friday’s employment report, but signs continue to point towards [quarter-point] rate hikes at each of the next three [Federal Open Market Committee] meetings, Oxford Economics economists, via statement.

The Fed will put more weight on Friday’s employment report, but signs continue to point towards [quarter-point] rate hikes at each of the next three [Federal Open Market Committee] meetings, Oxford Economics economists, via statement