US job openings grew in December
CNN
The US job market remains strong and workers are still in demand, according to newly released labor data. However, there are plenty of indications that activity continues to cool.
The US job market remains strong and workers are still in demand, according to newly released labor data. However, there are plenty of indications that activity continues to cool. The number of available jobs in the United States unexpectedly rose in December to an estimated 9.026 million, according to seasonally adjusted Bureau of Labor Statistics data released Tuesday. It’s the first time openings popped above 9 million since September, and outpaces November’s upwardly revised tally of 8.925 million, according to BLS’ monthly Job Openings and Labor Turnover Survey (JOLTS) report. Economists had expected a total of 8.714 million, according to FactSet consensus estimates. “We’re back over the 9 million mark, which is a three-month high, and the bulk of the gains were in the private sector,” Jennifer Lee, senior economist with BMO Capital Markets, wrote in a note issued Tuesday. “So the good news is that there are options out there — if one is still unemployed or is looking for extra work. The bad news is that it means that the consumer could spend more, and that’s not what the Fed wants right now.” The Federal Reserve, which will announce its latest policymaking action on Wednesday, has been hoping to see more slack in the labor market to help in the central bank’s fight to bring down inflation. When there’s an imbalance in the supply and demand for workers, it could cause wages to rise and, in turn, prompt companies to raise prices. In recent months, Fed Chair Jerome Powell has remarked that the labor market has remained robust but in better balance than it had during the throes of the pandemic recovery. At one point in early 2022, job openings soared north of 12 million.
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