US November job openings and labor turnover survey highlights
- Prior 7267 revised to 7361. Lowest level since February 2018
- JOLTS job openings 6800 vs 7250. Much weaker than expected.. Down -4.3%
- Job openings decrease for total private minus 520K. Retail trade fell -139K and construction fell -112K
- Government job openings fell minus 42K
- Hires 3.8% versus 3.8% prior. Stayed steady at 5.8 million in November
- Separations at 3.7% in November versus 3.7% October. The total separations were little changed the 5.6 million
- Quits 3.536 million people quit a job in November. Quit rate 2.3%. Quits increased in retail trade, +118K, wholesale trade +26K, and Nam durable goods manufacturing +19K
- Layoffs and discharges 1.1% in November versus 1.2% in October
- 1.749 million people were fired or laid off in November versus 1.889 million in November
- An additional 363,000 people left their employer due to retirements, transfers to other locations, death, and separations due to disabilities
The job openings is a bit of a shock and the lowest since February 2018. However, the total job openings still remains nearer high levels despite the strong employment gains. Nevertheless the trend since the peak in 2018 has been tilting more to the downside.
