Job openings in the business sector were essentially flat in November, close to the 2-1/2-year low reached in October and consistent with a broader downward trend in job openings.
The number of job openings fell to 8.79 million from 8.85 million in October, and the number of new hires rose from 5.83 million to 5.47 million, the Labor Department said Wednesday in its Monthly Job Openings and Turnover Survey (JOLTS). Diminished.
The latest figures show the ratio of open jobs to job seekers remains at around 1.4 to 1, a significant drop from the post-pandemic peak when there were nearly two open jobs for every unemployed person.
The strength of the labor market has been a frequent source of surprise for economists during the recovery from the pandemic, but signs of cooling are becoming more pronounced.
Despite the jagged edges, Curve of monthly job openings Over the past two years, openings peaked at more than 12 million in March and have since taken hold on an overall downhill slope.
Economists and market commentators are expressing relief that the pace of upside surprises is slowing as the job market becomes less favorable for workers who have been more comfortable changing jobs after the pandemic. .
“Labor demand has cooled and turnover has normalized. This makes the JOLTS data a little less interesting. In this case, less stimulus is a good thing,” said NerdWallet analyst Elizabeth Renter. said in a statement.
“Data drama can be a red flag, indicating, for example, that inflationary pressures may continue. But this November data does not ring such alarm bells,” she said. added.
Oren Krachkin, an economist at insurance company Nationwide Financial, said in an analysis that Federal Reserve officials should be satisfied with the slowdown in demand for workers as shown in the survey.
“The number of job openings was strong in November, but continues to decline, which, along with a decline in the number of involuntary job separations, indicates that demand for labor is gradually cooling. “Low means workers are no longer in a hurry to pursue new opportunities,” he writes.
Krachkin noted that worker turnover has fallen to 2.2%, below the pre-pandemic average.
The number of job openings decreased by 128,000 in transportation and warehousing, by 97,000 in leisure and hospitality, and by 78,000 in accommodation and food services.
The number of new store openings increased by 63,000 in the wholesale industry, 43,000 in the construction industry, and 42,000 in the retail industry.
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