Job Openings in the U.S. Increased in January as Hiring Fell

By Jeanna Smialek Mar 11, 2014 10:25 AM ET

Job openings in the U.S. increased less than expected in January, a sign labor-market cooling from late 2013 persisted as severe winter weather hammered the eastern and midwestern U.S.

The number of positions waiting to be filled increased by 60,000 to 3.97 million, from a revised 3.91 million the prior month, the Labor Department said today in Washington. The pace of hiring fell and fewer Americans quit their jobs.

The report follows data last week showing that February payrolls beat estimates after hiring in January was depressed by the weather. Faster hiring would help spur the wage growth needed to boost consumer spending, which accounts for almost 70 percent of the economy.

“Hiring was delayed during the winter due to bad weather, and I think we’ve started to see some catch-up already in the February figures,” said Ryan Wang, an economist at HSBC Securities USA Inc. in New York, speaking before the report. “We’ll continue to see gradual improvement in measures like quit rates and hiring rates.”

Today’s report helps shed light on the dynamics behind monthly employment figures. The median forecast in a Bloomberg survey called for 4.02 million job openings after a previously reported 3.99 million a month earlier.

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