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JOLTS Report: Soft Landing Ahead?

“This looks like a labor market that is not suffering from a slow-down, but rather a pare-down and winnowing of positions. That could very well signal a soft landing the Fed is trying to achieve.” -- Andrew Crapuchettes, CEO of RedBalloon

(Moscow, Idaho) – The Bureau of Labor Statistics released this morning the Job Opening and Labor Turnover Survey (JOLTS) for February 2023, which showed job openings dropped by 600,000 to 9.9 million. Yet there was an uptick in quits at 4 million, signaling that the Great Resignation continues unabated. Hires and separations remain little changed at 6.2 million and 5.8 million respectively.


“February saw a bigger than expected drop in job openings, yet quit rates were up slightly and layoffs were down slightly. This looks like a labor market that is not suffering from a slow-down, but rather a pare-down and winnowing of positions. That could very well signal a soft landing the Fed is trying to achieve,” said Andrew Crapuchettes, CEO of RedBalloon.


“The companies that I’m talking to at RedBalloon are continuing to hire, but they are slowing down the opening of new positions. This is likely based more on nervousness than reality,” Crapuchettes added.


If you would like to interview Andrew Crapuchettes, contact Isaac Lopez at (208) 997 – 8013 or isaac@redballoon.work.


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RedBalloon CEO Andrew Crapuchettes is a longtime business leader, entrepreneur, and innovator in the technology industry. He has founded several successful tech-focused companies and is widely considered a global pioneer in the development and use of labor market data analytics – an industry he helped found over 20 years ago. He served as the founding CEO of Emsi (now Lightcast) - which brought market-changing innovations to how higher education, corporations, and governments approach the labor market.

In 2021, Andrew founded RedBalloon, which has quickly become America’s largest connectors of employers and job seekers who prioritize workplace culture. Crapuchettes’ is a frequent presenter at technology and business conferences, and a frequent guest on business and technology news and influencer podcasts.

To find out more, explore redballoon.work. For questions or interview requests, contact Isaac Lopez at isaac@redballoon.work.

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