Job openings in the US decreased by 556,000 in December, the biggest drop in 14 months. Despite this decline, steady hiring and low layoffs suggest the labor market is cooling but not slowing abruptly. The Federal Reserve may be able to hold off on raising interest rates.
FILE - A "help wanted" sign is seen at an Allstate insurance office in Elgin, Ill., March 19, 2022. fell by the most in 14 months in December, but steady hiring and low layoffs suggested the labor market was not abruptly slowing down and that the Federal Reserve probably can hold off on, or JOLTS report, on Tuesday showed there were 1.1 job openings for every unemployed person, down from 1.15 in November.
Healthcare and social assistance vacancies fell by 180,000, while there were 136,000 fewer open positions in the finance and insurance industry. But the arts, entertainment and recreation category had 65,000 more unfilled positions. The job openings rate dropped to 4.5% from 4.9% in November. Financial markets do not expect a rate cut before June. Stocks on Wall Street were trading higher after being rattled byTrump on Monday suspended a 25% tariff on Canadian and Mexican imports until next month. An additional 10% levy on Chinese goods went into effect on Tuesday. Tariffs could jeopardize a nascent recovery in U.S. manufacturing.Data from the Commerce Department’s Census Bureau on Tuesday showed factory orders tumbled in December on a sharp drop in civilian aircraft orders.
The layoffs rate was 1.1% for a fourth straight month. It is, however, becoming harder for laid-off workers to find new jobs as employers remain hesitant to add headcount. Hires increased 89,000 to 5.462 million.
LABOR MARKET JOB OPENINGS FEDERAL RESERVE INFLATION HIRING
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