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JOLTs: Even Tighter Labor Markets

March 9, 2022
Bottom Line:  Job openings fell slightly in January but only after accounting for revisions to prior data that added over 150k, pushing openings over 11 million, according to the BLS' Job Openings & Labor. While low relative to the total openings, the level of hiring, nearly 6.5 million on the month, remained historically elevated, as did the total separations (people leaving jobs for any reason) at nearly 6.1 million. Overall, January's data and the annual revisions to prior data suggest the labor market was even tighter than previously estimated in 2021 and started 2022 just as tight.
Job Openings FELL by 185k in January to 11.263 million, compared with market expectations for an increase to 10.950 million. Government job openings FELL by 76k. Consequently, private-sector job openings FELL by 109k. Over the past 12 months, there were 4,031k more job openings.
Job Hires ROSE by 7k in January to 6.457 million. Over the past 12 months, there were 738k more job hires.
Job Separations ROSE by 16k in January to 6.058 million. Over the past 12 months, there were 886k more job separations.

The Hires to Job openings ratio
ROSE by 0.010 points from 0.563 to 0.573 and is modestly below its 12 month average of 0.626. The Number of Unemployed to Job openings ratio ROSE by 0.03 points from 0.55 to 0.58 and is sharply below its 12 month average of 0.84.
Article by Contingent Macro Advisors