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- U.S. job openings increase 1.1 percent in December; hires plunge 6.7 percent
U.S. job openings increase 1.1 percent in December; hires plunge 6.7 percent
The Job
Openings and Labor Turnover Survey (JOLTS) published by the Labor Department on
Tuesday revealed a 1.1 percent m-o-m gain in the U.S. job openings in December after
a revised 0.9 percent m-o-m decline in November (originally a 1.6 percent m-o-m
drop).
According to
the report, employers posted 6.646 million job openings in December compared to
the November figure of 6.572 million (revised from 6.527 million in the
original estimate) and economists’ expectations of 6.500 million. The job
openings rate was 4.5 percent in December, up from an unrevised 4.4 percent in
the prior month. The report showed that the number of job openings increased in
professional and business services (+296,000), but dropped in state and local
government, excluding education (-65,000), arts, entertainment, and recreation
(-50,000); and nondurable goods manufacturing (-30,000).
Meanwhile, the
number of hires plunged 6.7 percent m-o-m to 5.539 million in December from a
revised 5.935 million in November. The hiring rate was 3.9 percent in December,
down from an unrevised 4.2 percent in November. Hires fell in accommodation and
food services (-221,000); transportation, warehousing, and utilities
(-133,000), and arts, entertainment, and recreation (-82,000), but rose in
retail trade (+94,000).
The separation
rate in December was 5.460 million or 3.8 percent, compared to 5.523 million or
3.9 percent in November. Within separations, the quits rate was 2.3 percent (+0.1
p.p. m-o-m), and the layoffs rate was 1.3 percent (-0.1 p.p. m-o-m).
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