The BLS released the latest JOLTS report and while there was a slight decrease in job openings, the total openings are still high.
The number of job openings decreased to 10.8 million on the last business day of January, the U.S. Bureau of Labor Statistics reported today. Over the month, the number of hires and total separations changed little at 6.4 million and 5.9 million, respectively. Within separations, quits (3.9 million) decreased, while layoffs and discharges (1.7 million) increased. This release includes estimates of the number and rate of job openings, hires, and separations for the total nonfarm sector, by industry, and by
establishment size class. This release also presents 2022 annual estimates for job openings, hires, and separations.
Job Openings
On the last business day of January, the number and rate of job openings decreased to 10.8 million (-410,000) and 6.5 percent, respectively. In January, the largest decreases in job openings were in construction (-240,000), accommodation and food services (-204,000), and finance and insurance (-100,000). The number of job openings increased in transportation, warehousing, and utilities (+94,000) and in nondurable goods manufacturing (+50,000)
The BLS has also released interactive charts on county and wages showing jobs, wages and industry here. There are some very informative graphs there and many show the economy and job creating roaring hot except for Information Technology which has been in the news lately due to layoff announcements.
The Fed has raised interest rates from near 0% to the current 4.5% and the job openings have barely budged. Jerome Powell has stated that rates will need to be raised higher than expected so we’ll see what happens at the next Fed meeting. In the meantime stay tuned, stay profitable and stay solvent…