America’s employers posted 8.8 million job openings in November, according to the Associated Press, down slightly from October and the fewest since March 2021. Demand for workers remains strong by historical standards, however, despite higher interest rates.
Today’s report from the Labor Department showed that the number of job vacancies dipped from 8.9 million in October. It also showed that the number of people quitting their jobs — a sign of confidence in the labor market — fell to its lowest level since February 2021. The number of quits is now roughly where it stood before the pandemic erupted nearly four years ago.
In November, job openings dropped by 128,000 in transportation, warehousing, and utilities and by 78,000 at hotels and restaurants. The federal government reduced job openings by 58,000. By contrast, openings in construction rose by 43,000 and in retail by 42,000.
The report reinforced other recent evidence that while the job market is slowing from its robust heights, it remains solid. Layoffs, for example, are still at unusually low levels.
In the face of rising interest rates, job openings have gradually but steadily declined since peaking at a record 12 million in March 2022, but they remain at historically high levels. Before 2021, monthly job openings had never topped 8 million.
