The number of job openings in the US fell in November last year, reaching the lowest level since March 2021. Both voluntary turnover and the number of job openings fell, suggesting that demand for labor is cooling.
Key Point
- The number of job openings in the US falls to 8.79 million
- The median forecast from economists is 8,821,000.
- The previous month was revised up to 8,852,000 (preliminary figure: 8,733,000)
Hiring is at its lowest level since April 2020. Redundancies fell slightly.
By sector, the number of job openings decreased in transportation and warehousing, government, business services, and entertainment and hospitality.
The turnover rate, which is the percentage of people who leave their jobs voluntarily, was at its lowest level since September 2020. This suggests that workers may be less confident in looking for other jobs in the current market or taking better paying jobs.
Top row: number of job openings, bottom row: turnover rate
Source: US Department of Labor
The latest data could help US Federal Reserve officials confirm their view that a softening labor market will limit upward pressure on wages and further slower inflation.
The number of job openings for each unemployed person was 1.4.
“The decline in job openings in November, combined with lower job turnover, will likely lead to slower wage growth in the coming months,” said Stuart Paul, economist at Bloomberg Economics As the economy moves forward, companies’ motivation to raise wages will also disappear.”
Some economists have questioned the reliability of the survey due to the low response rate.
See the table for details of the US Department of Labor Employment Dynamics Survey (JOLTS).
Reference: US Job Openings, Exits and Hiring Ease As Labor Market Cools (1) November Job Openings Drop to 8.790M, Below Est.（抜粋）
(Updated with details, economist’s view, and charts)
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