Job Openings: Signs of Slower Job Gains Ahead?
|After a sharp run-up earlier this year, job openings fell for a second consecutive month. Turnover also fell and continues to suggest labor market dynamism has fallen in recent years.
Openings Edge Down Again
Job openings edged down for a second straight month in November. The recent declines followed a sharp run up over the first three-quarters of 2017. Openings are up 4.4 percent over the past year, but that marks a slowdown from earlier and, if sustained, suggests a more moderate pace of hiring ahead.
Most industries have seen openings rise over the past year, with mining and manufacturing notching some of the largest gains.
Turnover Remains Anemic
Gross hiring fell in November after what looked to be stormrelated catch-up in October. At 3.7 percent, the hiring rate remains low relative to the previous cycle and points to a less dynamic labor market today.
Separations also fell in November, with modest declines in both the level of quits and layoffs. The biggest source of the drop, however, was the “other” category, which includes retirements.
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