The Job
Openings and Labor Turnover Survey (JOLTS) released by the Labor Department on Wednesday
showed a 0.7 per cent m-o-m fall in the U.S. job openings in November after a
revised 5.3 per cent m-o-m plunge (from -6.6 per cent m-o-m) in October.
According to
the report, employers posted 8.790 million job openings in November compared to
the October reading of 8.852 million (revised from 8.733 million in last
month’s report) and economists’ forecast of 8.850 million. This was the lowest figure
since March 2021 (8.399 million). The job openings rate came in at 5.3 per cent
in November, unchanged compared to the previous month’s reading.
The report revealed that the largest decreases in job openings occurred in transportation,
warehousing, and utilities (-128,000), leisure and hospitality (-97,000), and federal government (-58,000). These declines, however, were partly offset by
gains in wholesale trade (+63,000), construction (+43,000) and retail trade
(+42,000).
Meanwhile, the
number of hires tumbled 6.2
per cent m-o-m to 5.465 million in November compared to a downwardly revised 5.828
million (from 5.886 million) in October. This was the lowest print since April 2020 (4.052 million). The
hiring rate stood at 3.5 per cent, down from an unrevised
3.7 per cent in October. The
biggest fall in hires was recorded in professional and business services
(-163,000).
The separation
rate was 5.340 million (or 3.4 per cent) in November, down 5.2 per cent from a
revised October reading of 5.632 million (or 3.6 per cent). This was the lowest
reading since January 2021 (5.164 million). Within separations, the number of
quits reached 3.471 million (-4.3 per cent m-o-m) and the number of layoffs was at 1.527 million (-7.1 per
cent m-o-m). The quits rate was 2.2 per cent (-0.1 p.p.
m-o-m), and the layoffs rate was 1.0 per cent (flat m-o-m).