US job openings fell less than expected in January and data for the prior month was revised higher, pointing to persistently tight labour market conditions that likely will keep the Federal Reserve on track to raise interest rates for longer.But the United States Labor Department’s monthly Job Openings and Labor Turnover Survey, or JOLTS report, on Wednesday also hinted at some cracks forming in the labour market. Layoffs rose in January and job cuts were higher than initially thought in 2022. Fewer people voluntarily quit their jobs.Nevertheless, the labour market has remained strong, with 1.9 job openings per every unemployed worker in January. Fed Chair Jerome Powell told lawmakers on Tuesday that the US central bank would likely need to raise rates more than expected and he opened the door to a half-percentage-point increase this month to combat inflation after a recent series of strong economic data.
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