U.S. job openings fell in January from 3.5-year high

The number of U.S. job openings fell in January from a 3.5-year high, suggesting hiring could continue at its healthy pace but may not accelerate. The Labor Department says employers posted 3.46 million job openings in January, down from 3.54 million advertised in December—the most since August 2008. The department revised data back to January 2007. The figures follow a government report Friday that said February was the third straight month of strong job gains. Employers have added an average of 245,000 jobs per month in the past three months. There were still 12.8 million unemployed people in January. That means an average of 3.7 people competed for each open job that month, the same as in December. U.S. companies restocked at a faster pace in January, a sign that businesses expect stronger job growth to fuel more sales. Meanwhile, the Commerce Department today reports business stockpiles rose 0.7% in January, while sales increased 0.4%. The increase pushed stockpiles up to $1.57 trillion, 19.1% above the recession low hit in September 2009. Companies are building up their stockpiles again after cutting them over the summer amid recession fears. Higher inventories require more production, which boosts economic growth. They also suggest companies expect more sales.