The Labor Department’s Job Openings and Labor Turnover Survey revealed a rise in available jobs from 3.1 million in November to 3.4 million at the end of December. However, November’s figure has been slightly adjusted down from the previously reported 3.2 million. We can interpret the demand for labor by referring to monthly job openings (vacancies intended to be filled within a month). Since the 2007-09 recession, these openings have seen an approximate 30% increase, but they still fall short of the 4.4 million peak recorded in December 2007.
In December, businesses and professional services showed an increase in job openings by 149,000 compared to the previous month. Manufacturing openings rose by 22,000, with retailers seeing a 31,000 growth. However, hiring edged down marginally that month, dipping from 4.13 million in November to 4.05 million, encompassing both business and government sectors.
Data from the Labor Department indicated a decrease in the U.S. unemployment rate from 8.7% in November to 8.5% in December, which further fell to 8.3% in January. The substantial decrease in the unemployment rate could enhance President Barack Obama’s re-election chances in November, though unemployment is still much higher than levels before the recession.
The percentage of workers separated from their jobs through layoffs or voluntary resignations, a factor assessing labor turnover, remained steady at 3.0% in December, just like November. The percentage of job separations due to voluntary resignations, suggestive of workers’ confidence in their job-finding abilities, also remained static at 49% in December. The source of this information is Reuters, as featured by SmartAsset.com.
