Job openings fall in November to fresh 2-year low

U.S. job openings dropped in November to the lowest level in more than two years, the latest evidence that the Federal Reserve's interest-rate hike campaign is continuing to cool the labor market.

The Labor Department said Wednesday there were 8.79 million job openings in November, a decrease from the upwardly revised 8.85 million openings reported the previous month. Economists surveyed by Refinitiv expected a reading of 8.85 million.

It marked the lowest level for job openings since March 2021.

The Federal Reserve closely watches these figures as it tries to gauge labor market tightness and wrestle inflation under control. 

The central bank responded to the inflation crisis and the extremely tight labor market in the past two years by raising interest rates at the fastest pace in decades. Officials approved 11 rate hikes in the span of just 16 months, lifting the federal benchmark funds rate to the highest level since 2001. Policymakers have since signaled that their tightening campaign has likely come to an end amid growing signs that inflation is subsiding.