Job Openings Dip and Quits Rate Slips in January, Signaling Cooling Labor Market
• Job openings dipped to 8.86 million in January, the lowest since March 2021, indicating some rebalancing in the labor market
• The quits rate slipped to 2.1% in January, showing less confidence among workers and the lowest level since August 2020
• 5.7 million hires were made in January, a slight decrease from 5.8 million in December
• Wage gains for job changers increased in February for the first time since November 2022, indicating labor market tightness
• The decreases in job openings and quits rate point to potential further wage deceleration ahead