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Payroll employment rises, job vacancies fall

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Payroll employment rises, job vacancies fall

Payroll employment rose 0.2% in January, with broad-based gains led by educational services, construction, and finance. Retail trade was the only sector down meaningfully in the month, which could be short-lived - given it was the only category to report higher vacancies (up ~10%) while most others were relatively flat M/M. While the number of job seekers per available seat has moderated in recent months, February’s ugly jobs print should reverse some of that progress if vacancies don’t meaningfully improve.

Eli Rodney
Eli Rodney

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Mar 26, 2026

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2 min read

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