The Bureau of Labor Statistics’ monthly estimate of jobs openings showed another decline in unfilled positions in November, leading a series of key data reports that could suggest the job market is weakening further.
The Job Openings and Labor Turnover Survey, known as Jolts, showed that around 8.79 million positions went unfilled over the month of November. That’s down from the revised total of 8.85 million recorded in October and the lowest overall tally since March 2021.
The headline Jolts tally hit an all-time high of 12.027 million in March 2023.
The quits rate, which tracks workers leaving their jobs voluntarily – often for pay increases in new positions – slipped to 2.21% from 2.3%. That easing will likely be a key focus of the report as investors look for evidence that wage pressures abated late last year and, as a result, are unlikely to stoke broader inflation.
Challenger Gray’s closely tracked report of U.S. job cuts, published last month, showed that overall November layoffs were up 24% from October, at just over 45,500, taking the 2023 total to around 686,860.
‘Employers not as quick to hire’: Challenger Gray
“The job market is loosening, and employers are not as quick to hire. The labor market appears to be stabilizing with a more normal churn, though we expect to continue to see layoffs going into the New Year,” said Andrew Challenger, labor expert and senior vice president at Challenger, Gray & Christmas.
Stocks maintained declines following the Jolts data release, with the S&P 500 marked 28 points lower, or 0.6%, while the Dow Jones Industrial Average fell 205 points. The Nasdaq was down 130 points, or 0.88%.
Treasury bond yields were steady, with benchmark 10-year notes trading at 3.961% and 2-year notes pegged at 4.351%.
The U.S. dollar index, which tracks the greenback against a basket of its global currency peers, was marked 0.25% higher at 102.45.
The Jolts report kicks off a series of job-market-data releases this week. ADP’s monthly employment report is expected at 8:15 a.m. U.S. Eastern Thursday, alongside weekly jobless claims at 8:30 a.m. and the crucial December nonfarm-payrolls report prior to the start of trading on Friday.
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