February 2023 Jobs Report: A Look at January's Trends

Executive Summary

By Nicholas Ault, Aston Carter Market Research Analyst

The economy continued to defy recession outlooks with the addition of a staggering 517,000 total jobs in January, 443,000 of which were in the private sector — more than double compared to last month’s job market. Despite recession fears, the number of quits remained largely unchanged, still elevated at 4.1M workers who quit jobs in December and 17% higher than pre-pandemic rates. At 3.4%, the unemployment rate decreased to a 53 year low. Coinciding with low the unemployment rate, 846,000 people were added to labor force, indicating just how tight the current job market remains. Job openings once again broke the 11M mark, while unemployed workers per opening decreased, remaining around two jobs per unemployed worker.