US job openings inch higher as hiring, quitting rates drop amid broader labor slowdown

Source: Yahoo! Finance

Updated Tue, January 7, 2025 at 12:17 PM EST


Job openings rose more than economists expected in November, but other signs of cooling in the labor market emerged as fewer Americans left their jobs and hiring continued to slow.

New data from the Bureau of Labor Statistics released Tuesday showed there were 8.1 million jobs open at the end of November, an increase from the 7.84 million seen in October and the highest level of job openings since May 2023.

The October figure was revised higher from the 7.74 million open jobs initially reported. Economists surveyed by Bloomberg had expected Tuesday's report to show 7.74 million openings in November.

The Job Openings and Labor Turnover Survey (JOLTS) also showed 5.27 million hires were made during the month, down from the 5.39 million made during October. The hiring rate fell to 3.3% from the 3.4% seen in October. Also in Tuesday's report, the quits rate, a sign of confidence among workers, fell to 1.9% from 2.1% in October.

Read more: https://finance.yahoo.com/news/us-job-openings-inch-higher-as-hiring-quitting-rates-drop-amid-broader-labor-slowdown-152511819.html

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