U.S. employers posted 7.7 million vacancies in January, the Labor Department reported Tuesday, up from 7.5 million. The outlook for the labor market is murky as Trump wages a trade war with foreign countries, purges federal workers and threatens to deport millions of immigrants.

Labor market data released Tuesday was largely in line with Wall Street's expectations, reflecting a gradually cooling labor market. Investors have been watching closely for any further signs of cracks forming in the US economy.

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.