Labor Market Cools But Large Jobs Gap Remains

Labor Market Cools But Large Jobs Gap Remains

The labor market cooled in November, as job openings, hiring, and quits all dropped from October’s levels.

Why it matters: There are 2.5 million more job openings than unemployed workers. The gap is 153,000 larger than in October.

By the numbers: There were 8.8 million job openings at the end of November, down by 215,000 from October, according to the Bureau of Labor Statistics. Hiring fell by 363,000, and the number of quits edged down slightly too.

Be smart: The labor market remains tight. Businesses are still adding workers and workers are still confident they can quit their current jobs and find better ones easily.

Bottom line: As has been the case for some time, finding workers to fill job openings is a major challenge for employers. Through the America Works Initiative, the Chamber will continue helping businesses develop and discover the talent they need.