US Job Openings Dropped Slightly in November
Summary from the AllSides News Team
U.S. employers posted about 62,000 fewer job openings in November than in October, leading total openings to hit their lowest level since March 2021, the Bureau of Labor Statistics reported Wednesday.
The Details: Job openings totaled 8.79 million in November, lower than October’s 8.85 million but still higher than January 2020’s pre-pandemic 7.1 million; job openings reached elevated levels after spiking from December 2020 to July 2021. Changes varied by sector; transportation, warehousing, and utilities lost 128,000 openings, while construction gained 43,000. Federal government job openings fell by 58,000, while state and local governments gained 24,000.
For Context: Fewer job openings could signal that the Federal Reserve’s anti-inflation interest rate hikes succeeded in cooling the economy. However, some fear a slowdown could trigger a deeper recession in 2024.
How the Media Covered It: Coverage reflected the usual trend of polarized economic outlooks; some right-rated outlets took a pessimistic view, highlighting the “fresh 2-year low,” while some left-rated outlets noted that openings were “high by historic standards.”
Why the Difference: People are famously partisan when evaluating the economy, and with the 2024 election 10 months away, partisans are struggling to control the economic narrative. An image of a strong economy could help President Joe Biden and Democrats, but one of a struggling economy could help his opponents.
Featured Coverage of this Story
From the Center
Job openings nudged lower in November, down to 1.4 per available worker
Demand for workers fell to its lowest level in more than 2½ years in November while hirings and layoffs both moved lower, the Labor Department reported Wednesday.
The department’s Job Openings and Labor Turnover Survey showed employment listings nudged lower to 8.79 million, about in line with the Dow Jones estimate for 8.8 million and the lowest since March 2021. Openings fell by 62,000, though the rate of vacancies as a measure of employment was unchanged at 5.3%.
In addition to the modest move lower in openings, hiring fell by 363,000, moving...
From the Right
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...
From the Left
US job openings fell slightly in November but remain high by historic standards
America's employers posted 8.8 million jobs openings in November, down slightly from October and fewest since March 2021. But demand for workers remains strong by historical standards despite higher interest rates.
Wednesday's report from the Labor Department showed that the number of job vacancies dipped from 8.9 million in October. It also showed that the number of people quitting their jobs — a sign of confidence in the job market — fell to its lowest level since February 2021. The number of quits is now roughly where it stood before the pandemic...
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