U.S. job vacancies fell again in November, a sign the labor market may ease


Minneapolis
CNN

The number of available jobs in the United States stood at 10.46 million in November, according to data released Wednesday by the Department of Labor.

That’s more than the 10 million total job openings economists expected, according to Refinitiv, and slightly lower than October’s upwardly revised total of 10.51 million.

The high number of job postings remains “a testament to the resilience of labor demand on Main Street, even as job postings have fallen on Wall Street,” said Julia Pollak, an economics economist. chief at ZipRecruiter, in a tweet posted shortly after the report was published. .

There were still about 1.7 job openings for every job seeker in November, unchanged from October, according to data from the Bureau of Labor Statistics. The Federal Reserve is watching this ratio closely as tight labor markets mean employees have more leverage to seek higher wages, which in turn drives up inflation.

Hiring fell slightly to 6.06 million in November from 6.11 million in October, according to the report. Layoffs fell to 1.35 million from 1.45 million, and the number of people leaving jobs rose to 4.17 million from 4.05 million.

“The big resignation is far from over – resignations jumped in November, reaching 4.2 million,” Pollak said. “They have now exceeded 4 million for 18 consecutive months, having reached 3.4 million before the pandemic and an average of 2.6 million in previous years.”

The data comes ahead of the government’s closely watched monthly jobs report, due out on Friday and expected to show 200,000 jobs were added to the US economy in December.

While this number is slightly lower than previous months, it caps an exceptionally strong year for the labor market, especially as the Fed strives to slow the economy to keep demand and inflation under control.

This story is growing and will be updated.

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