U.S. January JOLTS report shows 3 and 6-month averages positive
January’s JOLTS report shows job openings down 26k to 8.863m, marginally above expectations with the decline marginal because December was revised lower to 8.889m from 9.026m. The 3-month and 6 month averages are both positive, at 59k and 10k respectively, which suggests the labor market remains tight. The 6-month average is positive for the first time since July 2022.
Elsewhere in the report hirings fell by 100k after a 218k January increase, and separations fell by 78k after a 6k January increase, with the difference between the two series’ levels exceeding 300k for a second straight month, as did non-farm payroll growth, Most of the 78k fall in separations was due to a 64k fall in quits. That makes three straight declines in quits, which does suggests some easing in labor market tightness despite still resilient job openings.
