November JOLTS: Still a Tough Market Out There
Source: Economics Group of Wells Fargo Bank, N.A.Summary
Job openings slipped to 7.1 million in November, reinforcing a picture of a labor market treading water. Both demand for workers and turnover remain muted. The hiring rate fell back to its cycle low of 3.2% in November, and, while the quit rate rose a tick from an upwardly revised reading in October, at 2.0%, the share of workers voluntarily departing their job remains near the lowest levels of the past decade. Although layoffs are still modest, the low quit rate maintains the risk that employers looking to dial back headcount need to increasingly resort to layoffs in lieu of natural attrition.