Job openings drop to lowest level since 2020

Group 1 - The Labor Department is expected to report an addition of approximately 70,000 jobs for January, an increase from 50,000 in December [1] - ADP reported that private employers added only 22,000 jobs last month, significantly below expectations, while Challenger, Gray & Christmas noted over 108,000 job cuts, marking the highest since October and the worst January for job cuts since 2009 [2] - The chief economist at Navy Federal Credit Union indicated that the hiring recession is likely to persist, with job openings in December dropping to their lowest level since September 2020, reflecting a lack of hiring interest in the current economy [3]