Economy

January US job openings dip, but still high at 10.8 million

PAUL WISEMAN
Wed, March 8, 2023 at 10:09 AM EST

WASHINGTON (AP) — U.S. employers posted 10.8 million job openings in January, indicating the American job market continues to run too hot for the inflation fighters at the Federal Reserve. ... Job openings fell from 11.2 million in December but remained high by historical standards, the Labor Department reported Wednesday. Employers also hired more workers in January. But layoffs rose.

For 20 straight months, employers have posted at least 10 million openings — a level never reached before 2021 in Labor Department data going back to 2000. The number of openings in January exceeded what economists had forecast and translates to about two vacancies for every unemployed American.

Still, there some signs the job market is cooling in the Labor Department's monthly Job Openings and Labor Turnover Summary (JOLTS) report. Amid high-profile job cuts at many big tech companies such as Google and Amazon, overall layoffs rose in January to 1.7 million, highest since December 2020. And the number of Americans quitting their jobs – a sign they are confident they can find better pay or working conditions elsewhere – fell to the lowest level since April 2021.

The American job market has been surprisingly resilient in the face of punishing inflation and rising interest rates.

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