US Job openings hover close to record in December; voluntary quits decline
by SOURAV D | VIEW 910
On Tuesday, the US Labour Department’s closely observed JOLTS (Job Opening and Labour Turnover Survey) data had unfurled that US job openings, an indicator to labour demand, had jumped to a near-record on December, illustrating a full-fledged acceleration in workers’ growth while suggesting that a steep pull back in employment growth later last year was almost entirely due to an acute labour shortage. On top of that, the JOLTS report also had unfurled that the number of Americans voluntarily leaving their jobs had been declined by a substantial margin last month, however, the voluntary job quits were still hovering close to a December peak of 4.3 million. Besides, the report illustrates that there had been more voluntary quitting in non-durable goods manufacturing industry, however, fewer number of Americans had quitted in social and healthcare services, food and accommodation services alongside construction among others as pandemic worries seem to be easing.
US Job Openings rise in December
According to the US Labour Department JOLTS data, one of the most-timely indicators to US labour market’s health, grew 150,000 to 10.9 million as of the last day of December, not far from a record 11.098 job openings notched in July 2021.
Nonetheless, an analysts’ poll had forecasted about 10.3 million job openings in December. With a broad-based increase in US job openings having been led by accommodation and food services and information sector, job openings in state and local Government education alongside nondurable goods manufacturing soared, too.
As a growing worry over Omicron seems to be allaying, there has been a sharp uptick in job openings in accommodation and food sector as beforementioned as the sector had reportedly created an additional 133,000 job openings.
Nevertheless, the job opening rate and hiring rate remained unchanged at 6.8 per cent and 4.2 per cent respectively, as the US economy seems to be chartering on the brink of maximum employment.