The red-hot labor market that has warmed the economy in recent months showed signs of cooling in November, with employers hiring fewer positions, fewer workers retiring and fewer people hiring.
According to the Bureau of Labor Statistics' monthly report on job openings and turnover survey (JOLTS), the number of job vacancies was 8.79 million as of the last business day of November, down from 8.85 million, which was revised upward in the previous month. did.
That was close to the median forecast of 8.75 million among economists polled by Econoday, but lower than the median forecast of 8.82 million among analysts polled by Bloomberg.
Job openings decreased in the federal government, and in transportation, warehousing, and public works, there were fewer jobs in transportation, warehousing, and public works. Stores in the leisure and hospitality industry also decreased.
Job openings increased in mining, construction, and durable goods manufacturing. The number of openings in finance and real estate also increased.
An important measure of the labor market is the ratio of job openings to unemployed people. In November, it was 1.4 to 1, down from 1.8 to 1 in the same period last year. Usually this is close to 1:1. At its peak in 2022, the ratio was 2:1.
Turnover rate is a measure of the percentage of workers who voluntarily quit their jobs. If it is rising, it usually indicates a strengthening labor market. In November, it fell from 2.3% to 2.2%. This is still a high standard compared to his decade before the pandemic.
The number of employees in November decreased by 363,000 to 5.5 million.
The Fed has been hoping that raising interest rates will cool demand for labor without significantly increasing unemployment. A decline in the number of job openings is evidence that demand is cooling.
