Key Points:
- The number of available jobs since May 2021 continues to outnumber Americans looking for work.
- Job openings were little changed at 8.86 million in January, slightly below consensus of 8.90 million.
- Over the month, job openings increased in nondurable goods manufacturing (+82,000) but decreased in private educational services (-41,000).
- The U.S. added 353,000 jobs in January but there were 6.1 million people unemployed.
- The number of job openings for December was revised down by 137,000 to 8.9 million, the number of hires was revised up by 166,000 to 5.8 million, and the number of total separations was revised up by 54,000 to 5.4 million.
- In January, the number and rate of hires were little changed at 5.7 million and 3.6%, respectively. Hires decreased in state and local government education (-37,000).
- The number of total separations in January changed little at 5.3 million, and the rate was 3.4% for the third month in a row.
- Over the month, the number of total separations decreased in health care and social assistance (-86,000) and in federal government (-8,000).
- Within separations, quits (3.4 million) and layoffs and discharges (1.6 million) changed little.
- The number and rate of quits were little changed at 3.4 million and 2.1 percent, respectively. The number of quits increased in information (+23,000) but decreased in real estate and rental and leasing (-16,000).
- The number of layoffs and discharges decreased in state and local government education (-19,000) but increased in mining and logging (+7,000).
- The labor force participation rate was unchanged at 62.5% in January and is 0.9% below its February 2020 level.
- The Right Facts will continue to monitor unemployment and job openings.