Job openings rate and hires and total separation rates
The US JOLTs data came in weaker than expected 10.562M vs 11.075M estimate adn last month to 11.091M (revised from 11.033M)
- job openings 10.562M vs 11.091M in October and 11.075M est
- Hires rate was little change at 6.7M and 4.5%
- Total separations increase to 6.3 million (+382,000). The total separations rate was little change of 4.2%
- Quits increase in November to a series high of 4.5 million (+370,000). The quits rate increase 3.0% matching the series high in September. Quits increased in accommodations and food services (+169,000) and healthcare and social assistance, +52,000, and transportation, warehousing and utilities, +33,000. The quits rate is important as it typically is a volunteer action by workers.
- The number of layoffs and discharges was little changed at 1.4 million or 0.9%
Over the 12 month ending November 2021, total hires totaled 74.5 million and separations totaled 68.7 million yielding a net employment gain of 5.9 million.
Although lower than expectations, the data still points to a tight labor market.
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