financetom
Economy
financetom
/
Economy
/
US job openings increase in November; hiring falls
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US job openings increase in November; hiring falls
Jan 7, 2025 8:07 AM

WASHINGTON (Reuters) - U.S. job openings unexpectedly increased in November, but a softening in hiring pointed to a slowing labor market.

Job openings, a measure of labor demand, rose 259,000 to 8.098 million by the last day of November, the Labor Department's Bureau of Labor Statistics said in its Job Openings and Labor Turnover Survey, or JOLTS report, on Tuesday.

Data for October was revised higher to show 7.839 million vacancies instead of the previously reported 7.744 million. Economists polled by Reuters had forecast 7.70 million unfilled positions. The labor market is being supported by low levels of layoffs, but employers are hesitant to add more workers after a hiring spree during the recovery from the COVID-19 pandemic. 

Hires dropped 125,000 to 5.269 million in November. Layoffs were little changed at 1.765 million.

Job growth likely slowed in December as the boost from the end of disruptions from hurricanes and strikes by factory workers at Boeing and another aerospace company faded.

Nonfarm payrolls likely increased by 160,000 jobs in December after surging by 227,000 in November, a Reuters survey showed. The unemployment rate is forecast unchanged at 4.2%.

The Federal Reserve last month delivered a third consecutive interest rate cut, lowering its benchmark overnight interest rate by 25 basis points to the 4.25%-4.50% range.

The U.S. central bank, however, projected only two quarter point reductions in borrowing costs this year compared to the four it had forecast in September, acknowledging the resilience of the jobs market and economy.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
US economy seen shining on election eve amid robust consumer spending
US economy seen shining on election eve amid robust consumer spending
Nov 3, 2024
WASHINGTON (Reuters) - The U.S. economy likely maintained a solid pace of growth in the third quarter as subsiding inflation and strong wage gains powered consumer spending ahead of a contentious presidential election set to turn on pocketbook issues. The Commerce Department's advance estimate of third-quarter gross domestic product on Wednesday will be published less than a week before Americans...
August Home Prices Log 15th Consecutive Record High, Annual Growth Slows, S&P's Case-Shiller Data Show
August Home Prices Log 15th Consecutive Record High, Annual Growth Slows, S&P's Case-Shiller Data Show
Nov 3, 2024
03:17 PM EDT, 10/29/2024 (MT Newswires) -- US home prices increased to a new record high in August, though the pace of annual growth decelerated to the slowest level since mortgage rates peaked last year, S&P Global ( SPGI ) division S&P Dow Jones Indices said Tuesday. Nationally, the S&P CoreLogic Case-Shiller Index grew 0.32% month over month in August...
Yellen says tailoring bank rules helpful, but strong capital requirements important
Yellen says tailoring bank rules helpful, but strong capital requirements important
Nov 3, 2024
WASHINGTON (Reuters) - U.S. Treasury Secretary Janet Yellen said on Tuesday that it was important to continue tailoring the complexity and severity of banking regulations to the activities of institutions to avoid undue compliance burdens, but said she is predisposed to robust capital requirements. Yellen, asked about a proliferation of regulatory burdens from multiple agencies at an American Bankers Association...
In the Market: How Harris, Trump promises could feed market's addiction to the Fed
In the Market: How Harris, Trump promises could feed market's addiction to the Fed
Nov 3, 2024
(Reuters) - The Federal Reserve risks moving beyond its role as a lender of last resort to a prop markets need to function even in normal times, with pressures likely to increase as U.S. presidential candidates look set to add trillions more to deficits. The latest sign of the Fed's mission creep came on Sept. 30, when typical end of...
Copyright 2023-2025 - www.financetom.com All Rights Reserved