The Bureau of Labor Statistics’ Job Openings and Labor Turnover survey for the month of January showed that despite downward annual revisions, the labor market momentum clear in the monthly Employment Situation Report (especially the headline Nonfarm Payrolls figure) continues at pace. Below we show monthly job openings and the job openings rate, both of which remain at post-crisis highs.
One slightly negative sign this month is that the private quit rate has still not been able to crack 2.2%. If we don’t see a resumed upward momentum in this data, we’re going to start getting worried about upward pressure on wages materializing. For now, a 2.2% private quit rate is okay, nothing better.
There was good news though. Despite reports of large layoffs in the oil patch, the private sector discharge rate remains near the lows for the recovery, suggesting that there’s no sign yet of slowing demand for workers across the economy as a whole.