Job openings were basically unchanged to end November, according to the Job Openings and Labor Turnover Summary.
- The number of job openings changed little at 10.5 million and the rate was unchanged at 6.4 on the last business day of November.
Making Moves. Job openings in professional and business services saw a big jump with 212,000 new openings. Nondurable goods manufacturing were also up by 39,000.
- Not surprisingly, job openings fell in finance and insurance (-75,000) and in federal government (-44,000).
The Great Resignation Continues. While the great resignation has lost a little steam quits were actually up in November to 4.2 million, this is up 200k from last month but is down from the 4.5M peak one year ago. We are still well above the 2.5-3.0M last two decade trend.
- Layoffs were unchanged at 1.4 million.
BOTTOM LINE: If anyone thought we were gonna enter 2023 with a loosening labor market they better hope for a really bad December…