Overheating: Job Openings Unexpectedly Climb Above 11 Million

(Valerie Plesch/Bloomberg; iStock/Getty Images; BNN)
Valerie Plesch/Bloomberg; iStock/Getty Images; BNN

Demand from U.S. employers for workers heated up at the end of the year, defying the attempt of the Federal Reserve to cool off the labor market, data from the Department of Labor showed on Wednesday.

Job listings climbed to just over 11 million in December, the Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS, showed.

Economists had forecast a decline to 10.2 million from the 10.46 million initially reported for November. The November figure was revised down to 10.44 million

Quits were also elevated. The Labor Dearment said 4.09 million people quit jobs in the final month of 2022, the 19th month in a row it’s topped the 4 million mark. Quits are typically a sign of demand for labor as workers voluntarily leave their jobs when they expect to easily find a better position.



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