U.S. employers announced 8.8 million job openings in November, down slightly from October and the lowest number since March 2021.
But despite rising interest rates, demand for workers remains strong by historical standards.
The number of job openings fell from 8.9 million in October, according to a Wednesday report from the Labor Department.
It was also revealed that the number of people leaving their jobs, a sign of confidence in the job market, has fallen to its lowest level since February 2021.
The number of retirees is now about the same as it was before the pandemic broke out in February 2020.
Job openings in November fell by 128,000 in transportation, warehousing and utilities, and by 78,000 in hotels and restaurants.
The federal government has cut 58,000 jobs. In contrast, the number of construction jobs increased by 43,000, and the number of retail jobs increased by 42,000.
Wednesday's report, called “Summary of Job Openings and Turnover,'' confirmed other recent evidence that the job market is slowing from its solid heights but remains strong.
For example, layoffs remain at an unusually low level.
In the face of rising interest rates, the number of job openings has declined slowly but steadily since reaching a record high of 12 million in March 2022.
But it remains at historic highs, with monthly job openings never exceeding 8 million before 2021.
The Fed's inflation opponents have raised the benchmark interest rate 11 times since March 2022, to about 5.4%, the highest level in about 22 years.
They hope the job market will calm down from the red-hot levels of the past few years, which will ease pressure on companies to raise wages and prices. Compared to outright layoffs, reducing job openings is a relatively painless method.
So far, the Fed appears to be on track for a so-called soft landing, one that avoids a recession while slowing economic activity enough to overcome high inflation.
The unemployment rate is currently 3.7%, not far from its lowest level in half a century.
And inflation is slowing, with consumer prices rising 3.1% year over year in November, down from 9.1% in mid-2022 but still above the Fed's 2% target.
