Quits Have Topped 4.0 Million for a Record 18 Consecutive Months

MarketWatch (01/04/23) Bartash, Jeffry

Job openings in the U.S. declined a bit to 10.46 million in November, but workers were still quitting in droves in a sign the labor market remains quite strong. Job listings dropped from 10.51 million in October, according to the U.S. Department of Labor. However, openings in October also were revised higher.

There were 1.7 job openings for each unemployed worker in November, well above the prepandemic level of 1.2. The U.S. Federal Reserve is watching that ratio closely and wants to see it drop down to prepandemic norms. The number of people hired in November dipped to 6.06 million—the smallest advance since February 2021. Rising interest rates, a slowing economy, and concerns about a recession have prompted companies to fill fewer open jobs. Yet the number of job quitters edged up to 4.17 million. Quits have topped 4.0 million for a record 18 consecutive months. The quits rate among private-sector workers rose to 3.0% from 2.9%. It peaked at 3.4% near the end of 2021.

This article originally appeared on marketwatch.com. Use this link to see the full article: U.S job openings stay high at 10.5 million and show labor market still very strong