US job openings declined to 7.6 million in December, the lowest since September, according to the Labor Department. This decrease, while accompanied by steady hiring, quits, and layoffs, suggests a potential cooling of the labor market. The Federal Reserve closely monitors this data for signs of labor market tightening or slack.
Job openings slid in December while hiring, voluntary quits and layoffs held steady, the Labor Department reported Tuesday. Available positions tumbled to 7.6 million, the lowest since September, and below the Dow Jones estimate for 8 million, the Bureau of Labor Statistics said in its monthly Job Openings and Labor Turnover Survey. The decline left the ratio of open jobs to available workers at 1.1 to 1.
Major stock market averages rose following the news while Treasury yields were mixed as the report showed a relatively healthy labor market as 2024 came to a close. Layoffs totaled 1.77 million for the month, down just 29,000, while hires nudged up to 5.46 million and quits also saw a small gain to near 3.2 million. Total separations also moved little, at 5.27 million. The report comes just a few days ahead of the BLS release of the nonfarm payrolls count for January.
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