JOLTS show a stagnant US job market in line with Truflation data.
The latest JOLTS (Job Openings and Labor Turnover) are out for January 2026 (from the BEA).
Job openings increased by 6.9 million (4.2%), little changed from December, which was revised slightly from 6.542 to 6.55 million (4.0%).
New January jobs were added mainly in finance and insurance (+184,000), but remained below the 2025 annual average.
Though little changed, openings managed to bounce back from December's over-five-year low of 6.55 and come ahead of market expectations (6.7 million).
Hires went up 5.3 million (+3.3%), essentially flat vs December 5.3 million (3.3%).
Total separations were 5.1 million (3.2%), slightly below December’s 5.2 million (3.3%).
Within separations: quits 3.1 million (2.0% rate), layoffs and discharges 1.6 million (1.0% rate), both little changed.
All in all, this paints a picture of a stagnant but not collapsing labor market in January.
Truflation Employment Index
Truflation’s independent Employment Index sees a similar story of labor market stagnation, albeit perhaps better when zooming out.
Total non‑farm employment was 142.4 million in February, reaching a stable plateau, not that far from the record high of 143.5 million in 2024.
The real story lies in the labor change or new non‑farm payrolls, which recently reached near-low levels in 3 years, signaling that job growth is grinding to a halt.
