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Whitney Curtis/Getty Images American workers will need plenty of help during the coronavirus crisis.
The numbers: The number of job openings in the U.S. surged by 400,000 to 7 million in January, but that might end up being the high-water mark of the longest expansion in American history.
Job openings had declined toward the end of the 2019 and the downward trend is expected to resume in February or March as companies across the U.S. shut down or limiting hours to contain the spread of the coronavirus.
Just a year ago, job openings had climbed to the highest level on record at 7.63 million.
What happened: Job openings rose the most in January in finance, insurance and construction, the Labor Department said Tuesday. They also increased in energy and government.
Openings fell in leisure and hospitality — industries likely to suffer the worst amid the coronavirus shutdown.
A closely followed measure that tracks when workers leave one job for another, known as the quits rate, edged up to 2.6% in the private sector.
Read: The Fed declared its own national emergency in fight against coronavirus
The rate hit a 14-year peak of 2.7% last summer, but it probably won’t match that level anytime soon.
Big picture: Millions of Americans are more worried about keeping their jobs instead of finding a new one. Most economists believe a recession will start soon and there’s not telling yet how long it will go on.
Read: A recession is likely, say economists and even President Trump. What does it mean?
Layoffs are certain to rise in the next few months as companies in industries such as tourism, travel and retail lay off or furlough employees to cope with sinking sales and profits. Don’t expect to see as many people quitting their jobs either in such uncertain times.
Read: The economy is in for tough times. Here’s one roadmap for recovery
The government is pushing a $850 billion bailout to try to cushion the blow, but the effort won’t be enough to forestall all of the immense economic damage.
What they are saying? “The labor market is about to face a painful reality check,” economists Lydia Boussour andGregory Daco of Oxford Economics told clients in a note. “With the economy now facing a sudden-stop in activity, we expect the March jobs report will send a strong recession signal and put an end to a decade-long streak of positive job gains.”
Market reaction: The Dow Jones Industrial Average DJIA, +1.08% and S&P 500 SPX, +2.86% was up and down in Tuesday trades. The Dow lost more than 3,000 points on Monday in a historic loss as the coronavirus crisis worsened.
The 10-year Treasury yield TMUBMUSD10Y, +6.63% rose to 0.78%.
