Job openings came in at under 4.0 million in December, right in line with Wall Street expectations (but a bit below the upwardly revised November print).

There were also 4.4 million hires in December and the quit rate came in at 1.7%, little changed from November.

JOLTS tracks job openings, hires, layoffs, and quits. And while the report is often the neglected little sibling of the monthly jobs report, newly minted Fed Chair Janet Yellen has cited JOLTS as an important labor market indicator.

So market-watchers would be wise to keep an eye on JOLTS during Yellen's term.

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