U.S. January JOLTS report portrays healthy labor market
January’s JOLTS report shows a stronger than expected 248k rise in openings to 7.74m, and while this comes after a 648k December decline (revised from 556k) with October data having been positive the 3- month average is near neutral, as is the 6-month.
This suggests a relatively healthy labor market persisted in January despite a slowing in payroll growth that was probably in part due to bad weather.
Other detail shows hires almost unchanged for a third straight month, up by 19k in January, with the slowing in employment growth due to a 170k rise in separations, correcting two straight declines. The rise in separations comes fully from a 171k rise in quits, again correcting two straight declines. The ruse in quits is a sign of confidence on the labor market.