Photo via Calculated Risk
The U.S. Bureau of Labor Statistics reported that job openings held steady at 7.1 million in November, showing minimal monthly movement as hiring and separations both remained stable. According to the BLS Job Openings and Labor Turnover Summary, hires and total separations each remained at 5.1 million for the month, with quits at 3.2 million and layoffs and discharges at 1.7 million, neither showing significant change from the prior month.
The year-over-year trend tells a different story, however. Job openings declined 11 percent compared to November of the previous year, suggesting a gradual normalization of labor demand after the tight conditions that characterized the post-pandemic recovery. Meanwhile, quits increased 4 percent on a year-over-year basis, indicating that workers continue to pursue new opportunities despite a cooling job market.
The November figures precede the December employment report, which is scheduled for release on Friday. The latest JOLTS data reflects ongoing adjustments in the labor market as employers moderate hiring while workers navigate shifting economic conditions.
