Mixed Signals Ahead of December Jobs Report
JOLTS REPORT
The latest JOLTS data uncovers some weaknesses in the U.S. labor market. While job openings unexpectedly rose to 8.1 million, actual hiring has declined to pre-pandemic levels, with only 5.3 million new hires.
Quit rates have also declined, suggesting workers are becoming more cautious about job changes.
What's the takeaway?
The labor market is showing clear signs of cooling. The gap between openings and hiring rates might indicate a growing mismatch between available positions and qualified candidates or employers becoming more selective in hiring decisions. Something we have talked about a lot recently.
All eyes are now on Friday's BLS unemployment report for December, which will give us a clearer picture of our future in 2025.
