According to a report from the Labor Department, demand for workers fell to its lowest level in more than 2 1/2 years in November, while hiring and layoffs both moved lower.
Today’s Job Openings and Labor Turnover Survey (JOLTS) 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.
Job openings fell by 62,000, though the rate of vacancies as a measure of employment was unchanged at 5.3%.
In addition, hiring fell by 363,000, moving the rate down to 3.5%, a 0.2 percentage point decline. Layoffs declined by 116,000, with the rate holding steady at 1%.
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, which has begun to recede. Today’s JOLTS data is another signal that the Fed is delivering a soft landing.
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