Job openings in the U.S. came in significantly above expectations for November and the previous month’s estimate saw a sizable upward revision.
Job openings in the U.S. came in significantly above expectations for November and the previous month’s estimate saw a sizable upward revision, underscoring persistent tightness in the U.S. labor market that is likely to fuel inflation worries and push the Federal Reserve to continue its rate hikes.
The end of October figure was revised from 10.334 million to 10.512 million, indicating the jobs market was tighter than previously thought and the decline in openings at the end of last year was less substantial than it looked.The Federal Reserve closely watches the job openings figure as a signal of demand for labor. Fed chairman Jerome Powell has said that in order to bring down inflation, the Fed will have to reduce demand for labor.
One key measure of labor market tightness watched by Fed officials is the ratio of unemployed persons to open jobs. Typically, these are evenly matched. Just prior to the pandemic, there were 1.2 jobs per unemployed person, a level that was considered elevated at the time and a sign of a tight labor market.
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