The Labor Department reported on Wednesday that there were 10.5 million job openings at the end of November, a sign the labor market remains very tight.
A large"Now Hiring" advertisement posted on the windows of the Advance Auto Parts store in Bay Shore, New York, on March 24, 2022."Plentiful openings with relatively few available workers indicate a tight labor market and put upside pressure on wages," said Jeffrey Roach, chief economist at LPL Financial. "The Federal Reserve will continue tightening as rising wage pressure is a key risk to the inflation outlook.
The Fed has responded to the inflation crisis and the extremely tight labor market by raising interest rates at the fastest pace in decades. Officials approved seven rate hikes last year, lifting the benchmark federal funds rate well into restrictive territory, and have shown no signs of pausing. / Getty Images)
The number of Americans quitting their jobs, meanwhile, increased by about 126,000 to roughly 2.7% of the workforce, indicating that workers are confident they can leave their jobs and find employment elsewhere. Switching jobs has been a windfall for many workers over the past year, with employees seeing an average 7.7% annual wage growth rate in November from the previous year – up from the 5.5% received by workers who do not switch jobs,
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Job openings stayed high in November in blow to FedThere were 10.46 million job vacancies on the last day of November, down slightly from 10.51 million in October.
Read more »
Fed's Kashkari: Fed must avoid cutting rates prematurelyMinneapolis Federal Reserve (Fed) President Neel Kashkari said on Wednesday that the Fed must avoid cutting the policy rate prematurely and having inf
Read more »
US: JOLTS Job Openings little changed at 10.45 million in NovemberThe data published by the US Bureau of Labor Statistics (BLS) revealed on Wednesday that the number of job openings on the last business day of Novemb
Read more »
US job openings totaled 10.5 million in November, more than expected | CNN BusinessThe number of available jobs in the United States totaled 10.46 million in November, according to the Department of Labor. That’s higher than the 10 million total job openings that economists were expecting.
Read more »
US Job Openings Fell Slightly in November Yet Still HighThere were 10.46 million job vacancies on the last day of November, down slightly from 10.51 million in October, the Labor Department said Wednesday. That’s down from a peak of 11.9 million in March.
Read more »
Job Openings Stay Much Higher Than Expected, Fueling Inflation Fears and Expectations for Fed HikesJob openings in the U.S. came in significantly above expectations for November and the previous month’s estimate saw a sizable upward revision.
Read more »