US job openings little changed in January, quits rate slips

6th Mar 2024 14:25

(Sharecast News) - The number of job openings in the U.S. were little changed at the start of the year.

According to the Department of Labor, the number of job openings dipped by 0.3% month-on-month to reach 8.863m (consensus: 8.9m).

Hiring meanwhile fell by 1.7% on the month to 5.687m.

The number of voluntary separations or so-called 'quits' fell by 1.6% versus December to reach 3.385m.

That pushed the quits rate down by one tenth of a percentage point to 2.1%.

Quits are seen by some as an indicator of Americans' confidence in the jobs markets and their ability to risk looking elsewhere for employment.

Commenting on the latest JOLTS figures, Nancy Vanden Houten, lead US economist at Oxford Economics, said: "The January Job Openings and Labor Turnover Summary report is consistent with a labor market that is still quite strong, with job openings falling slightly and layoffs remaining low.

"The ratio of job openings to unemployed workers increased, pointing to stubborn excess demand for labor. A small decline in the quits rate points to a continued easing of wage pressures, which will be welcomed by the Federal Reserve."