Forecasters expect meaningful slowdown in job market

January's headline labor market numbers were off-the-charts strong, withNew data out Wednesday morning will give us a look under the hood of what was happening.For the reasons described above, the upcoming Job Openings and Labor Turnover Survey has greater-than-usual significance. Forecasters expect it to show the number of job openings falling to 10.5 million, from 11 million in December.

That would be evidence of a meaningful slowdown in the job market in spite of January's booming figures. In December, JOLTS surged unexpectedly from 10.4 million to 11 million — yet another indicator of a too-hot-for-comfort job market.Job openings, however, have been a volatile indicator of the state of the labor market. They may not be the best indicator of what's really going on.

The rate of quits and discharges could be more instructive of whether there is softening in the job market underway not apparent in other data.

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