Job Openings and Labor Turnover Survey (JOLTS) numbers were released this week from the Bureau of Labor Statistics indicating that there were 7.15 million jobs opened at the end of November. This number was lower than the 7.6 million economists forecasted for the month and the smallest openings since the end of 2020 (1). In addition, the October JOLTS number was revised lower to 7.4 million from an earlier post of roughly 7.7 million.
November figures showed there was a decline in layoffs and discharges (1.7 million) but an increase in the number of openings from employees who quit (3.2 million). Also, November openings were down by 885,000 over the year. (1)
In addition, an interesting statistic for November is the number of unemployed people per job opening – 1.1 which is edging up from the low in April 2022 of .5 per opening which was then the lowest since 2010. (2)
Finally, this hiring rate for November was 3.2%, and it was one of the worst since January 2011 (3). All, the job market is still in a state of limbo, not only a concern in the Feds mandate for rate changes but the overall health of the American household.
