The number of job openings in the U.S. increased in December last year, contrary to market expectations, reaching the highest level in three months. On the other hand, the number of people leaving their jobs has decreased, suggesting that workers are becoming more cautious despite the fact that demand for labor remains strong.
Key Point
- US job openings increase to 9.026 million
- exceeded all expectations in economist surveys
- Median prediction is 8.75 million.
- The previous month was revised upward to 8,925,000 (preliminary figure: 8,790,000)
While the number of job openings increased, the number of people leaving jobs fell to 3.4 million, the lowest level in nearly three years. The number of job departures has continued to decline in recent months, reflecting a decline in workers’ confidence in finding other jobs in the current market or taking new, higher-paying jobs. may be suggesting.
A strong labor market is keeping the economy from sliding into recession, and the increase in job openings highlights that. On the other hand, the decline in the number of job departures suggests that more workers are trying to stay in their current jobs.
Hiring and layoffs are on the rise. Rather than outright job losses, the U.S. Federal Reserve is ideally aiming to soften labor demand by reducing the number of job openings and slowing the pace of hiring.
“Workers are not confident that they will be able to find new, higher-paying jobs, which has kept turnover below pre-pandemic levels,” said Stuart Paul of Bloomberg Economics. “Wage and inflationary pressures originating from the labor market are likely to continue to decline.”
Bloomberg TV report on recruitment and vinegar statistics
Source: Bloomberg
By sector, professional and business services saw the largest increase in four months. Job openings also increased in education, medical services and manufacturing.
Although the overall level of layoffs has remained stable, layoffs have increased in transportation and warehousing, reaching the highest level since June 2020.
The number of job openings for each unemployed person remained unchanged at 1.4.
Please see the table for details on the U.S. Department of Labor Employment Dynamics Survey (JOLTS).
Original title:US Job Openings Rise to Three-Month High But Fewer Workers Quit(excerpt)
US Dec. Job Openings Rose to 9.026M, Above All Estimates
(Updates with details and economist comment)
2024-01-30 15:08:00
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