The Job
Openings and Labor Turnover Survey (JOLTS) released by the Labor Department on Wednesday
showed a 0.3 per cent m-o-m decrease in the U.S. job openings in January 2024 after
a revised 0.5 per cent m-o-m fall (from +1.1 per cent m-o-m) in December 2023.
According to
the report, employers posted 8.889 million job openings in January compared to
the December reading of 8.889 million (revised from 9.026 million in last
month’s report) and economists’ prediction of 8.900 million. This was the lowest
figure in three months. The job openings rate came
in at 5.3 per cent in January, unchanged compared to a downwardly revised 5.3 per cent (from 5.4 per cent) in the
previous month. The report revealed that the largest gain in job openings
occurred in nondurable goods manufacturing (+82,000), while the biggest decline
took place in private educational services (-41,000).
Meanwhile, the
number of hires dropped by 1.7
per cent m-o-m to 5.687 million in January compared to an upwardly revised 5.787
million (from 5.621 million) in December. The
hiring rate came in at 3.6 per cent, down from an upwardly revised 3.7 per cent (from
3.6 per cent) in December. Hires declined in state and local government
education (-37,000).
The separation
rate was 5.341 million (or 3.4 per cent) in January, down 1.4 per cent from an
upwardly revised December reading of 5.419 million (or 3.4 per cent). This marked the lowest reading since January 2021 (5.212 million). Within separations, the
number of quits reached 3.385 million (-1.6 per cent m-o-m) and the number of layoffs reached 1.572 million (-2.2 per
cent m-o-m). The quits rate was 2.1 per cent (-0.1 p.p.
m-o-m), and the layoffs rate was 1.0 per cent (flat m-o-m).