U.S. job openings unexpectedly increase in January

U.S. job openings unexpectedly increase in January

The Job Openings and Labor Turnover Survey (JOLTS) published by the Labor Department on Friday showed a surprise increase in the U.S. job openings in January. 

According to the report, employers posted 7.581 million job openings in December, compared to the December figure of 7.479 million (revised from 7.335 million in original estimate) and economists’ expectations of 7.310 million. The job openings rate was 4.8 percent in January, up from 4.7 percent in the prior month. The report showed that the number of job openings was little changed for total private and increased for government (+59,000). Job openings increased in a number of industries, with the largest increases in wholesale trade (+91,000), real estate and rental and leasing (+60,000), and information (+42,000). The job openings level decreased in other services (-98,000), retail trade (-97,000), and arts, entertainment, and recreation (-40,000)

Meanwhile, the number of hires edged up to 5.801 million in January from 5.717 in December. The hiring rate was 3.9 percent, up from 3.8 percent in December. The hires level was little changed for total private and for government. The number of hires was little changed in all industries and all four regions. 

The separation rate in January was at 5.550 million or 3.7 percent, compared to 5.469 million or 3.6 percent in December. Within separations, the quits rate was 2.3 percent (flat m-o-m), and the layoffs rate was 1.1 percent (-0.1 pp m-o-m).