US job openings fell slightly from 8.9 million in October to 8.8 million in November, but this number remains high by historical standards.
The big picture: The number of people quitting their jobs dropped to its lowest level since February 2021.
- Job openings declined in transportation, warehousing, utilities, hotels, restaurants, and the federal government, but rose in construction and retail.
- Despite the decline in job openings, the job market remains solid and layoffs are still relatively low.
- The Federal Reserve has raised interest rates 11 times since March 2022 to combat inflation and wants the job market to cool from its red-hot state of the past couple of years.
- The unemployment rate is currently at 3.7% and inflation is decelerating.
- The central bank has signaled that it expects to lower interest rates three times in 2024.
