Workers sort packages at a FedEx Express facility on Cyber Monday, November 28, 2022 in Garden City, New York.
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Job openings fell in October as the Federal Reserve tried to cool the overheated job market, the Labor Department reported Wednesday.
of Job offer/turnover rate survey, a closely monitored gauge of labor force slack showed there were 10.3 million vacancies for the month. This is a decrease of him 353,000 from September and a decrease of 760,000 compared to a year ago.
That brings the number of vacancies per available worker to 1.7 for the month, down from a 2:1 ratio just a few months ago.
The Federal Reserve has launched a series of rate hikes aimed at curbing runaway inflation. One area of particular focus is the extremely tight job market, with 3.7% unemployment and wage growth adding to price pressures.
Month-to-month numbers may fluctuate, but the JOLTS report shows at least some indication that the Fed’s inflation policy may be having an effect. The report came on the same day that payroll processing company ADP reported just 127,000 job additions in November, the lowest total since January 2021.
Retirement levels, a measure of workers’ confidence that they can easily move from one job to another, also fell, slightly down to 4.026 million, down 34,000 from a month earlier, This is well below the record high of 4.5 million in November 2021. “Big resignation”.
Total job turnover increased to 5.68 million, while layoffs and dismissals also increased by 58,000 to 1.39 million.
The Labor Department will release November employment growth on Friday. The economist expects 200,000 more jobs to be added that month, according to Dow Jones estimates.
Correction: ADP reported 127,000 job additions in November. This is the lowest total since January 2021. In previous versions, the timing was written incorrectly. Economists expect an additional 200,000 jobs in November, according to Dow Jones estimates. Earlier versions incorrectly listed the month and number.
