| Job openings were 10.8 million at the end of January. While down 410,000 from December, openings are still extremely high.
Why it matters: There are 5.1 million more job openings than unemployed workers.
Be smart: Job openings are not dropping as fast as many anticipated because businesses still badly need many workers and because the economy is not cooling as quickly as expected.
- Hiring and quits remained at the same level as in December. Businesses are still adding workers, and workers are still confident they can quit their current jobs and find better ones easily.
By the numbers: The labor market remains tight.
- Job openings increased in transportation, warehousing, and utilities (94,000) and in nondurable goods manufacturing (50,000).
- They decreased in construction (240,000), accommodation and food services (204,000), and finance and insurance (100,000).
- The quits rate was 2.5% in January. That is below the all-time high rate of 3%.
- 3.9 million people quit their jobs in January, down from the 4.45 million all-time high in March 2022, but still historically high.
- Quits decreased in professional and business services (221,000), educational services (14,000), and federal government (5,000).
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