Current:Home > MarketsUS job openings stay steady at nearly 8.9 million in January, a sign labor market remains strong-LoTradeCoin
US job openings stay steady at nearly 8.9 million in January, a sign labor market remains strong
View Date:2025-01-12 22:15:58
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! (49)
Related
- November 2024 full moon this week is a super moon and the beaver moon
- Katie Ledecky, Caeleb Dressel lead stars at 2024 US Olympic swimming trials
- Kate Middleton Details Chemotherapy Side Effects Amid Cancer Treatment
- Trump once defied the NRA to ban bump stocks. He now says he ‘did nothing’ to restrict guns
- Is Veterans Day a federal holiday? Here's what to know for November 11
- 90 Day Fiancé’s Liz Calls Out Big Ed With Scathing Message in Awkward AF Final Goodbye
- G7 leaders tackle the issue of migration on the second day of their summit in Italy
- Ditch Your Heavy Foundation for These Tinted Moisturizers & Tinted Sunscreens This Summer
- Historian Doris Kearns Goodwin to kick off fundraising effort for Ohio women’s suffrage monument
- G7 leaders agree to lend Ukraine billions backed by Russia’s frozen assets. Here’s how it will work
Ranking
- 'Unfortunate error': 'Wicked' dolls with porn site on packaging pulled from Target, Amazon
- Maps and photos show massive rainfall in Florida as flooded communities face ongoing downpours
- How hydroponic gardens in schools are bringing fresh produce to students
- Jenelle Evans Shares Update on Her Kids After Breakup From “Emotionally Abusive” David Eason
- Jack Del Rio leaving Wisconsin’s staff after arrest on charge of operating vehicle while intoxicated
- Vietnam War veteran comes out as gay in his obituary, reveals he will be buried next to the love of my life
- Opal Lee gets keys to her new Texas home 85 years after a racist mob drove her family from that lot
- Kansas City Chiefs' BJ Thompson Makes Surprise Appearance at Super Bowl Ring Ceremony After Health Scare
Recommendation
-
November 2024 full moon this week is a super moon and the beaver moon
-
Wells Fargo fires workers after allegedly catching them simulating keyboard activity
-
‘Tis the season for swimming and bacteria alerts in lakes, rivers
-
Google CEO testifies at trial of collapsed startup Ozy Media and founder Carlos Watson
-
Kevin Costner says he hasn't watched John Dutton's fate on 'Yellowstone': 'Swear to God'
-
The twisty, titillating, controversial history of gay sex drug poppers
-
Suspect in shooting of 3 deputies in Illinois had multiple firearms, sheriff says
-
RFK Jr. offers foreign policy views on Ukraine, Israel, vows to halve military spending