The fewest workers on record were fired in January and job openings rebounded, showing employers are gaining confidence the U.S. expansion will be sustained even as lawmakers battle to trim the federal budget deficit.
There were 1.51 million people let go in the month, down from 1.57 million in December and the least in data going back 12 years, the Labor Department said Tuesday in Washington. The number of positions waiting to be filled climbed by 81,000 to 3.69 million after slumping by 177,000 in December.
The report shows recent payroll gains are being driven more by a reduction in dismissals than a surge in hiring, indicating sales are strong enough for companies to retain current staff. Acceleration in employment is needed for the labor market to make further progress and push down the nation's 7.7 percent unemployment rate.
Continue Reading for Free
Register and gain access to:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world case studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.