Current:Home > MarketsUS job openings stay steady at nearly 8.9 million in January, a sign labor market remains strong-DB Wealth Institute B2 Expert Reviews
US job openings stay steady at nearly 8.9 million in January, a sign labor market remains strong
View Date:2024-12-23 20:03:31
WASHINGTON (AP) — U.S. job openings barely changed in January but remained elevated, suggesting that the American job market remains healthy.
The Labor Department reported Wednesday that U.S. employers posted 8.86 million job vacancies in January, down slightly from 8.89 million in December and about in line with economists’ expectations.
Layoffs fell modestly, but so did the number of Americans quitting their jobs — a sign of confidence they can find higher pay or better working conditions elsewhere.
Job openings have declined since peaking at a record 12 million in March 2022 as the economy roared back from COVID-19 lockdowns. But they remain at historically high levels: Before 2021, monthly openings had never topped 8 million.
The U.S. economy has proven surprisingly resilient despite sharply higher interest rates. To combat resurgent inflation, the Federal Reserve raised its benchmark interest rate 11 times between March 2022 and July 2023, bringing it to the highest level in more than two decades.
Higher borrowing costs have helped bring inflation down. Consumer prices rose 3.1% in January from a year earlier, down from a year-over-year peak of 9.1% in June 2022 but still above the Fed’s 2% target.
The job market has remained durable throughout.
Employers have added a robust average of 244,000 jobs a month over the past year, including 333,000 in December and 353,000 in January.
The Labor Department’s February jobs numbers, out Friday, are expected to show that employers added another 200,000 jobs last month, according to a survey of forecasters by data firm FactSet. The unemployment rate likely stayed at 3.7%, which would mark the 25th straight month it’s come in below 4% — longest such streak since the 1960s.
The job market is cooling from the red-hot days of 2022 and 2023 in a mostly painless way — through fewer openings. Despite a wave of high-profile layoffs, the number of job cuts across the economy remains relatively low.
veryGood! (66)
Related
- Wheel of Fortune Contestant Goes Viral Over His Hilariously Wrong Answer
- Takeaways from Fed Chair Powell’s speech at Jackson Hole
- Striking out 12, Taiwan defeats Venezuela 4-1 in the Little League World Series semifinal
- Kylie Jenner, Chris Pratt and More Stars Celebrate Birth of Hailey and Justin Bieber's Baby Jack
- Donna Kelce Includes Sweet Nod to Taylor Swift During Today Appearance With Craig Melvin
- Norway proposes relaxing its abortion law to allow the procedure until 18th week of pregnancy
- Christine Quinn Seemingly Shades Ex Christian Dumontet With Scathing Message Amid Divorce
- Senators demand the USDA fix its backlog of food distribution to Native American tribes
- He failed as a service dog. But that didn't stop him from joining the police force
- Beware, NFL rookie QBs: Massive reality check is coming
Ranking
- Bowl projections: SEC teams joins College Football Playoff field
- Taylor Swift makes two new endorsements on Instagram. Who is she supporting now?
- Trump-backed Alaska Republican withdraws from US House race after third-place finish in primary
- Inside the Villa: Love Island USA Stars Reveal What Viewers Don’t See on TV
- As CFP rankings punish SEC teams, do we smell bias against this proud and mighty league?
- Hailey Bieber Gives Birth, Welcomes First Baby With Justin Bieber
- A$AP Rocky Shares Why Girlfriend Rihanna Couldn’t Be a “More Perfect Person”
- 5-year-old Utah boy accidentally kills himself with a handgun he found in his parents’ bedroom
Recommendation
-
Pete Rose fans say final goodbye at 14-hour visitation in Cincinnati
-
You'll Flip for Shawn Johnson and Andrew East's 2024 Olympics Photo Diary
-
Christine Quinn Seemingly Shades Ex Christian Dumontet With Scathing Message Amid Divorce
-
A child was reported missing. A TV news helicopter crew spotted him on the roof playing hooky
-
FBI raids New York City apartment of Polymarket CEO Shayne Coplan, reports say
-
It Ends With Us' Justin Baldoni Addresses Famous Line Cut From Film
-
Dunkin' teases 'very demure' return of pumpkin spice latte, fall menu: See release date
-
US Border Patrol agent told women to show him their breasts to get into country: Feds