Key Points:
- The number of available jobs since May 2021 continues to outnumber Americans looking for work.
- The tight labor market has pushed total job openings to nearly double the available workers this year, but hiring has slowed amid a broader economic slowdown.
- Job openings rose by 572,000 to 11 million in December after falling to 10.44 million in November.
- The number of job openings increased in accommodation and food services (+409,000), retail trade (+134,000), and construction (+82,000).
- The U.S. added 223,000 jobs in December but there were 5.72 million people unemployed.
- In December, the number of hires and separations were little changed at 6.2 million and 5.9 million respectively.
- Within separations, the number of quits were little changed at 4.1 million – still near the record high of 4.4 million – and layoffs and discharges rose to 1.5 million.
- The labor force participation rate decreased over the month to 62.3% in December and is 1% below its February 2020 level.
- The Right Facts will continue to monitor unemployment and job openings.