Job openings continue to come down but only slowly. Openings fell 0.3 percent in January to 8.863 million which, though down 15.0 percent from 10.425 million in January last year, is still higher than a couple of recent months including October at 8.685 million. Hires likewise have been coming down, 1.7 percent lower on the month in January to 5.687 million which is down 10.8 percent from 6.374 million in January 2023 but nevertheless higher than November's 5.569 million. Quits are falling convincingly, down 1.6 percent to 3.385 million which is the lowest level since late 2020 and down 12.8 percent on the year.

The drop in quits suggests that employees are less and less jumping to other jobs for better pay, a key factor in what the Federal Reserve describes as the rebalancing of labor supply with labor demand. But the more gradually this rebalancing unfolds, the longer the Fed will wait before cutting rates, an action that would risk exacerbating the still existing imbalances.

The job-openings consensus for January is 8.9 million which would be little changed from December's 9.026 million.

The Labor Department's JOLTS report tracks monthly change in job openings and offers rates on hiring and quits. The reporting period lags other employment data including the employment situation report. The word JOLTS stands for Job Openings and Labor Turnover Survey.

Although lagging the release timing of the employment situation report by a month, JOLTS provides additional information on the labor market. The payroll survey in the employment situation report provides numbers on net job changes. JOLTS breaks down labor market data into pre-net changes such as job openings, hires, and separations.