U.S. job openings increased in January, but demand for labor is likely to soften in the months ahead amid concerns that uncertainty over import tariffs and aggressive government spending cuts could cause a sharp slowdown in economic activity.

US job openings rose in January while layoffs fell and quits picked up, indicating resilience in the labor market as the Trump administration took office.

Vacancies increased to 7.740 million, up from December's downwardly revised 7.508 million. The January figure came in above the expected 7.650 million.