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U.S. Job Openings Rose Unexpectedly in December -Breaking

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© Reuters. U.S. Job Openings Rise Unexpectedly in December

(Bloomberg). U.S. job postings unexpectedly rose in December, while the number of quits fell slightly. This indicates that there was a steady labor market in December despite increased Covid-19-related infections and business interruptions related to pandemics.

The number of available positions rose to 10.9 million from an upwardly revised 10.8 million in November, the Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS, showed Tuesday. According to a Bloomberg poll of economists, the figure was more than any estimates.

From a record high of 3.3% in November, the quits rates were little affected at 2.9%. It is indicative that the labor market continues to be churny. From an all-time record high of 3% in November, the quits rate has fallen.

According to data, December saw an increase in job openings despite business closings due to spreading the omicron virus. Although job opportunities could decrease in January due to the spreading omicron variant, economists believe that the effect will be temporary and employers will look to expand their workforce as consumers demand increases in the future.

For every one unemployed worker, December saw 1.7 opportunities.

The JOLTS report comes ahead of Friday’s monthly employment report from the Labor Department, which is currently forecast to show the U.S. added 150,000 jobs in January, the weakest print since December 2020.

Catering

According to the JOLTS report, job openings increased in December in accommodations and food service, information, and education state- and local governments. In finance, insurance, and wholesale trade there were fewer vacancies. 

Decent saw a decrease in total hiring to 6.3 million. This was due to professional and business services. The first drop in hires rates for four months was at 4.2%. At 1.2 million, there was little change in layoffs or discharges.

A separate report Tuesday from the Institute for Supply Management showed that the group’s employment index rose in January to a 10-month high, suggesting factories were having greater success beefing up payrolls.

(Adds graphic.)

©2022 Bloomberg L.P.

 

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