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March Madness in the Labor Market as Small Businesses Take Leadership With JOLTS Report

“It’s March Madness in the labor market, and today’s JOLTS numbers mean the Fed likely has lots more rate hikes in their tournament bracket. JOLTS shows once again that headline grabbing big tech is not the economy. Job openings remained near historic highs at 10.8 million, despite all the tech layoffs,”

-- Andrew Crapuchettes, CEO of RedBalloon

(Moscow, Idaho) – The Bureau of Labor Statistics released this morning the Job Opening and Labor Turnover Survey (JOLTS) for January 2023, which showed job openings dropped by 410,000 to 10.8 million, still near historic highs after the December JOLTS showed an unexpected jump of 517k job openings. The report signals a still red-hot labor market, despite the widely publicized big-tech layoffs. Hires and separations remain little changed at 6.4 million and 5.9 million, and layoffs and discharges are hovering right at pre-pandemic (January 2020) levels of 1.7 million.

“It’s March Madness in the labor market,” said Andrew Crapuchettes, CEO of RedBalloon and pioneer in developing labor market data and analytics. “Although there has been a surge of layoffs in Big Tech and other major corporations, the labor market continues to burn red hot, indicating that small businesses are still in need of talent.”

“This is very much a stay-the-course JOLTS for the economy, and not likely what the Fed Chair was hoping for,” continued Crapuchettes. “Remember, 4 million Americans quit their job on average every month. And, January’s quits at 3.9 million is right in line with that. Not a lot has changed, and it shows the strong labor market continues.”

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


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 For questions or interview requests, contact Isaac Lopez at


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