Job Openings improve in November, but turnover still muted

Wells Fargo Research Team Wells Fargo

Summary

The November JOLTS report offered another tentative sign of labor demand stabilizing. Job openings at the end of November rose to a six-month high of 8.1 million, consistent with the recent leveling off in Indeed job postings. That said, turnover metrics suggest both employees and employers remain in a holding pattern. The share of workers in November voluntarily quitting their job fell back to its cycle low of 1.9%. Meantime, employers remain reluctant to let go of existing workers, but also reluctant to bring on new workers. The layoff rate, at 1.1% in November, remained just below its pre-pandemic average, but the hiring rate fell back to 3.3% and is still hovering near levels unseen in more than a decade.

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Wells Fargo Research Team

Wells Fargo

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