Job openings hit their lowest level since March 2021 in January, showing further signs of rebalancing in the labor market.
There were 8.86 million jobs open at the end of January, a slight decrease from the 8.89 million job openings in December, according to new data from the Bureau of Labor Statistics released Wednesday. Economists surveyed by Bloomberg had expected 8.85 million openings in January.
The report also showed the quits rate, a sign of confidence among workers, slipped to 2.1%, down from 2.2% in the previous month, and its lowest level since August 2020. Additionally, the Job Openings and Labor Turnover Survey (JOLTS) showed 5.7 million hires were made in the month, a slight decrease from the 5.8 million seen in December.
The hiring rate sat at 3.6% in January.
The release comes as Federal Reserve chair Jerome Powell testifies on Capitol Hill. Powell described the labor market as “relatively tight” but noted that “supply and demand conditions have continued to come into better balance.”
This is a breaking news post and will be updated with further reporting.
Josh Schafer is a reporter for Yahoo Finance. Follow him on X @_joshschafer.
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