US job openings shrank by 105,000 in November as the hiring rate held steady

SourceBusiness Insider
CountryMiddle east

US job openings fell in November as hiring held steady despite soaring COVID-19 cases. Openings dropped by 105,000 to 6.5 million, according to Job Openings and Labor Turnover, or JOLTS, survey data. The reading matches the median estimate from economists surveyed by Bloomberg. The hiring rate held steady from the previous month's revised reading of 4.2%. The rate sits barely above its pre-pandemic levels while more than 10 million Americans remain unemployed, signaling the labor market's recovery slowed significantly. Visit Business Insider's homepage for more stories. US job openings dipped in November as businesses continued to hire workers amid the worsening coronavirus pandemic. Openings dropped by 105,000 to about 6.5 million through November, according to Job Openings and Labor Turnover Survey, or JOLTS, data published Tuesday. The reading met the 6.5 million openings forecasted by economists surveyed by Bloomberg. The largest declines came from the durable-goods manufacturing and information industries. The retail trade and transportation industries saw mild increases in openings. The hiring rate landed at 4.2%, the same as the revised October reading.

The rate hovered just below 4% before the coronavirus pandemic, signaling the rate of recovery in the labor market has stagnated while more than 10 million Americans remain unemployed. Read more: An ETF expert breaks more...