US layoffs fell as Trump took office in January
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The news: US job openings rose in January, while layoffs fell and quits rose, suggesting market resilience as President Trump entered the White House.
The numbers: Available positions increased to 7.74 million from a revised 7.51 million reading in December. The hiring rate remained unchanged, while layoffs fell to 1% - their lowest rate since June 2024.
The quits rate, which gauges the percentage of people leaving their roles voluntarily, rose to 2.1%.
The context: While the Job Openings and Labor Turnover Survey (JOLTS) data published monthly by the US Bureau of Labor Statistics suggest resilience in the US labour market, the January figures lag behind more recent reports that Trump’s economic policies are adding uncertainty to the market.
Applications for unemployment benefits in the US, published weekly, rose to an almost three-year high in the week ending 22 February.
Weakening employment data and increasing stock market anxiety could prompt the Federal Reserve to cut rates more than expected in 2025. The central bank is due to gather for a policy meeting next week.
The sources: Bureau of Labor Statistics, Bloomberg
