Thrifty Banker
  • Politics
  • Business
  • World
  • Investing
  • Politics
  • Business
  • World
  • Investing

Thrifty Banker

Business

Job openings nudged lower in November, down to 1.4 per available worker

by January 4, 2024
January 4, 2024
Job openings nudged lower in November, down to 1.4 per available worker

Demand for workers fell to its lowest level in more than 2½ years in November while hirings and layoffs both moved lower, the Labor Department reported Wednesday.

The department’s Job Openings and Labor Turnover Survey showed employment listings nudged lower to 8.79 million, about in line with the Dow Jones estimate for 8.8 million and the lowest since March 2021. Openings fell by 62,000, though the rate of vacancies as a measure of employment was unchanged at 5.3%.

In addition to the modest move lower in openings, hiring fell by 363,000, moving the rate down to 3.5%, a 0.2 percentage point decline. Layoffs dropped by 116,000, with the rate holding steady at 1%. A report last month from the Labor Department showed a net increase in nonfarm payrolls of 199,000 in November. A report Friday is expected to show growth of 170,000.

The ratio of job openings to available workers fell to 1.4 to 1, still elevated but down sharply from the 2 to 1 level that had been prevalent in 2022. Companies had faced a severe supply-demand mismatch in the period after the Covid pandemic began, a situation that has made gradual progress back to a more normalized state.

Job openings fell by 128,000 for transportation, warehousing and utilities and were off 97,000 in leisure and hospitality. Wholesale trade saw an increase of 63,000 and financial activities grew by 38,000.

Federal Reserve officials watch the JOLTS report for evidence of labor slack. The historically tight labor market had helped push inflation higher, hitting a more than 40-year peak in mid-2022 that also has slowly begun to recede. Policymakers in December indicated they are likely to begin a gradual reduction in interest rates this year if inflation continues to come down.

“Today’s JOLTS data is another signal that the Fed is delivering a soft landing,” said Ron Temple, chief market strategist at Lazard. “Today’s report is good news for American workers and the economy, but it also suggests to me that the Fed is unlikely to cut rates as aggressively in 2024, as markets currently indicate, given the risk of reigniting inflationary pressures.”

A separate report Wednesday showed that the U.S. manufacturing sector is still in contraction.

The ISM manufacturing report for December registered a reading of 47.4, representing the percentage of workers reporting expansion. Anything below 50 indicates contraction. The index was up 0.7 point from November and was slightly better than the 47.2 estimate from Dow Jones.

Employment, however, was a relative bright spot in the report, rising to 48.1, a 2.3-point monthly increase. Order backlogs jumped 6 points to 45 and new export orders rose to 49.9, a 3.9-point acceleration. There also was some positive inflation news as the prices sub-index decreased to 45.2, down 4.7 points.

This post appeared first on NBC NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
Nuclear Fuels Announces $5 Million Bought Deal Private Placement
next post
Biden official gets heated in clash with reporter who asks if US has escalated Gaza war with Red Sea presence

Related Posts

Forget a new bathroom, just fix the faucet:...

February 29, 2024

Diddy and Diageo part ways in settlement of...

January 17, 2024

Why Detroit’s Big Three are fighting to dominate...

September 15, 2023

Universal’s new Epic Universe park set to generate...

April 17, 2025

General Motors idles another auto plant, sending 2,000...

September 21, 2023

Millennials reimagine retirement: ‘The end game might not...

February 5, 2025

The Body Shop shuts down in the U.S....

March 13, 2024

Thousands of schools turn to apps to prevent...

November 8, 2023

The U.S. economy added 187,000 jobs in July,...

August 8, 2023

Lululemon founder slams company’s ‘whole diversity and inclusion...

January 6, 2024

    Sign up for our newsletter to receive the latest insights, updates, and exclusive content straight to your inbox! Whether it's industry news, expert advice, or inspiring stories, we bring you valuable information that you won't find anywhere else. Stay connected with us!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Popular

    • 1

      Strong Leach Recoveries and Low Impurities

      July 9, 2025
    • 2

      Waymo offers teen accounts for driverless rides

      July 9, 2025
    • 3

      ‘This is a life-changing event’: Floridians start an arduous recovery as Idalia keeps thrashing North Carolina

      September 1, 2023
    • 4

      North Korea says it launched new ‘tactical nuclear attack’ submarine. South Korea doubts it works

      September 11, 2023
    • 5

      Tesla asks shareholders to vote again on Musk’s $56 billion payout

      April 18, 2024
    • 6

      Eruption of Indonesia’s Mount Lewotobi Laki Laki volcano sends ash 11 miles high

      July 7, 2025
    • 7

      A GOP operative accused a monastery of voter fraud. Nuns fought back.

      January 3, 2025

    Categories

    • Business (1,069)
    • Investing (2,106)
    • Politics (2,977)
    • Uncategorized (20)
    • World (3,417)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: thriftybanker.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thriftybanker.com | All Rights Reserved