Job Openings Drop to Lowest Level in Over a Year
U.S. job openings fell sharply to 7.15 million in November 2023, down from a revised 7.45 million in October, marking the lowest level since September 2022. The figure missed the median forecast of 7.6 million, highlighting growing employer caution amid economic uncertainty and rising interest rates.
Worker Mobility Shows Mixed Signals
Despite slowing hiring, the number of people quitting their jobs rose to 3.161 million in November, up from 2.973 million the prior month, pushing the quit rate to 2.0% from 1.9%. This suggests that confidence in finding new work remains intact in certain sectors. Meanwhile, layoffs dropped to 1.687 million from 1.85 million, indicating companies are holding onto talent rather than cutting staff.
- Job openings rate fell to 4.3% from 4.5%
- Quit rate climbs for second consecutive month
- Layoffs decline, signaling labor stability
The labor market is clearly cooling, but not collapsing. While demand for workers is moderating, the system remains balanced, pointing to a gradual normalization after years of intense competition for talent.