Throughout November 2023, the US job market remained steady, maintaining a consistent level of job openings at 8.8 million, along with steady quits and layoffs, despite slight fluctuations in professional services hiring.
The most recent Job Openings and Labor Turnover Summary for November 2023 from the US Bureau of Labor Statistics reveals a stable job market condition. The report shows a minimal change in job openings, maintaining a solid count of 8.8 million, differing significantly from the peak of 12.0 million observed in March 2022.
Although the job openings rate held steady at 5.3 percent, certain sectors such as transportation, warehousing, and utilities experienced declines, while an increase was noted in wholesale trade. Conversely, the number of hires slightly decreased to 5.5 million, particularly within the professional and business services sector.
The overall separations, encompassing quits, layoffs, and other factors, also experienced a decrease to 5.3 million, including a minor reduction in the number of quits, especially in professional and business services, maintaining the quits rate at 2.2 percent. Layoffs and discharges remained relatively stable at 1.5 million.
The report provides insights based on establishment size, noting minimal changes in job openings, hires, and total separations rates for smaller establishments. Nevertheless, there was an increase in the quits rate and total separations for larger establishments with 5,000 or more employees.
The comprehensive data from the November 2023 report suggests a stable US labor market. Despite minor fluctuations in job openings, hires, and separations, the market appears to be maintaining a consistent pace. This stability reflects a balanced employment environment as the year draws to a close.
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