Job Openings Plummet, Layoffs Surge Amid Economic Uncertainty
December’s Job Openings and Labor Turnover Survey revealed a decrease in job openings to 7.6 million, a decline of 556,000, despite steady hiring and quit rates. This drop, concentrated in professional and business services, education, and finance, lowered the job openings-to-worker ratio to 1.1:1. While layoffs remained relatively low, the overall data suggests a cooling labor market, impacting upcoming Federal Reserve policy decisions.
John Q. Hosedrinker