“Job openings declined in January but still far outnumber available workers”
March 8, 2023
“Job openings declined slightly in January but still far outnumber available workers as the labor picture remains tight, according to data released Wednesday.
The Labor Department’s Job Openings and Labor Turnover Survey showed there are 10.824 million openings, down some 410,000 from December, the Labor Department reported. That equates to 1.9 job openings per every available worker…
The JOLTS report showed that hiring was brisk for the month, with employers bringing on 6.37 million workers, the highest total since August. Total separations were little changed, while quits, a signal of worker confidence in mobility, fell to 3.88 million, the lowest level since May 2021.
Earlier Wednesday, payroll processing firm ADP reported that companies added 244,000 workers for February, another sign that hiring has been resilient despite Fed rate hikes that are aimed at slowing economic growth and cooling the labor market…”