US Job Openings Rise in November While Hiring Declines
In November, job openings in the US increased, but hiring saw a decline, indicating a potential slowdown in the labor market.
Washington, US, Job Openings, Hiring, Labor Market, Economy
Washington: So, here’s the scoop. In November, job openings in the U.S. unexpectedly went up by 259,000, hitting about 8.1 million. That’s according to the Labor Department’s latest report.
They even revised October’s numbers, bumping it up to 7.839 million openings. Economists were thinking it would be around 7.70 million, so this was a bit of a surprise.
Now, while job openings are looking good, hiring is a different story. It dropped by 125,000 to 5.269 million in November. Layoffs stayed pretty steady at 1.765 million, which is a good sign, but it seems employers are being cautious about adding new staff.
With the end of disruptions from hurricanes and strikes, job growth might have slowed down in December. Predictions say nonfarm payrolls could have increased by about 160,000 jobs, down from 227,000 in November.
And the unemployment rate? It’s expected to stay the same at 4.2%. The Federal Reserve recently cut interest rates again, but they’re not planning to drop them as much this year as they initially thought.
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