Job Openings: Signs of Slower Job Gains Ahead?

Wells Fargo Research Team Wells Fargo

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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Wells Fargo Research Team

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