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U.S. Job Openings Drop to 10.8 Million

But employment is still too high for the Fed.

By Augusta Saraiva | March 08, 2023 at 08:34 AM

Vacancies at U.S. companies retreated at the start of the year but remained historically elevated, highlighting persistent labor tightness that supports a higher level of interest rates from the Federal Reserve.

The number of available positions decreased to 10.8 million in January, from an upwardly revised 11.2 million a month earlier, the Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS, showed Wednesday. The median estimate in a Bloomberg survey of economists called for 10.5 million openings.

The JOLTS release included the agency’s annual revision of monthly data back to January 2018. Almost every reading of job openings in the past year was revised higher, including a new record of 12 million in March 2022.

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