U.S. job openings decrease in December

The Job Openings and Labor Turnover Survey (JOLTS) published by the Labor Department on Tuesday revealed a 5.4 percent m-o-m decline in the U.S. job openings in December after a downwardly revised 9.3 percent m-o-m drop in November.

According to the report, employers posted 6.423 million job openings in December, compared to the November figure of 6.787 million (revised from 6.800 million in the original estimate) and economists' expectations of 7.00 million. That was the lowest level since December 2017. The job openings rate was 4.0 percent in December, down from an unrevised 4.3 percent in the prior month. The report showed that the largest drops in job openings were in transportation, warehousing, and utilities (-88,000 jobs), real estate and rental and leasing (-34,000), and educational services (-34,000). The job openings level decreased for total private (-332,000) and was little changed for government.

Meanwhile, the number of hires rose by 1.4 percent m-o-m to 5.907 million in December from a revised 5.827 in November. The hiring rate edged up to 3.9 percent from 3.8 percent in November. The hires level rose in accommodation and food services (+69,000).

The separation rate in December was 5.730 million or 3.8 percent, compared to 5.709 million or 3.7 percent in November. Within separations, the quits rate was 2.3 percent (flat m-o-m), and the layoffs rate was 1.2 percent (flat m-o-m).

Over the year, the job openings level fell by 14.9 percent.