Job openings dropped to 8.79 million in November, per the Labor Department
US job openings experienced a decline in November, reaching their lowest level since March 2021, according to the latest report from the Labor Department.
The data revealed a seasonally adjusted 8.79 million job openings, a slight dip from October’s figure of 8.85 million.
Despite the decrease from the record-high of 12 million in March 2022, the current openings remain above pre-pandemic levels, showing resilience but also signaling a continued cooling of America’s job market.
The report data aligns with slowing economic activity attributed to high interest rates. Though not signaling a drastic decline, the data suggests the Federal Reserve’s pursuit of a “soft landing” strategy is working.
Job market shifts
Job openings in infrastructure, the federal government, and leisure and hospitality declined, while wholesale trade saw an increase.
Fewer hirings at the end of 2023
Private-sector estimates reveal that employers ended 2023 with fewer openings. According to Indeed data, total job postings through December 29 declined by over 15% from the previous year.
Traditional office jobs, such as software development, marketing, banking, and finance, sought fewer hires.