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U.S. Job Openings Rise to 7.74 Million in January, Defying Economic Uncertainty

Layoffs declined while hiring showed modest growth, but economists warn of potential risks from trade tensions and federal spending cuts.

Economists expected that the number of job openings increased in January to 7.7 million.
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FILE - Pedestrians walk past a help wanted sign posted on the door of a restaurant in San Francisco, Tuesday, April 18, 2023. (AP Photo/Jeff Chiu, File)
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Overview

  • The Labor Department reported 7.74 million job openings in January, up from December's revised 7.51 million.
  • Layoffs decreased by 34,000 to 1.635 million, while hires increased slightly to 5.393 million.
  • Economists caution that ongoing trade tensions, including tariffs on Chinese goods, and significant federal spending cuts could slow economic activity.
  • The Federal Reserve is expected to maintain its current interest rate range but may resume rate cuts in June due to a worsening economic outlook.
  • Job market growth has slowed compared to previous years, with fewer monthly job additions and a broader measure of unemployment increasing to a multi-year high.