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2mo ago

U.S. Job Openings Rose to 7.7 Million in January, Reflecting Labor Market Stability

Despite a strong start to the year, uncertainties tied to tariffs, federal workforce cuts, and immigration policies raise concerns about future job market trends.

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 Bureau of Labor Statistics reported an increase in U.S. job openings to 7.74 million in January, up from 7.51 million in December, exceeding economists' expectations.
  • Layoffs decreased to 1.635 million, while the number of workers quitting their jobs rose to 3.27 million, signaling higher worker confidence in finding new opportunities.
  • Key sectors driving job opening growth included retail, finance, and manufacturing, while professional and business services saw declines.
  • Economists highlight the January data as a snapshot of labor market strength before potential impacts from President Trump's tariff policies, federal workforce reductions, and immigration crackdowns take hold.
  • Federal Reserve officials are monitoring the labor market closely as they prepare for upcoming decisions on interest rates, with January's data reflecting a stable but cautious economic environment.