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U.S. labor market remains tight; manufacturing slumps further

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U.S. job openings fell less than expected in November as the labor market remains tight, which could see the Federal Reserve boosting interest rates to a higher level than currently anticipated to tame inflation.

There was, however, encouraging news in the inflation fight, with a survey from the Institute for Supply Management on Wednesday showing its measure of prices paid by manufacturers for inputs diving in December to the lowest level since February 2016, discounting the plunge early in the COVID-19 pandemic.

Job openings, a measure of labor demand, slipped 54,000 to 10.458 million on the last day of November, the Labor Department said in its monthly Job Openings and Labor Turnover Survey, or JOLTS report. Data for October was revised higher to show 10.512 million openings instead of the previously reported 10.334 million. Economists polled by Reuters had forecast 10 million job openings.

The job openings rate was unchanged at 6.4%, though it was 0.9 percentage point below its peak in March 2022. Hiring fell to 6.055 million from 6.111 million in October. But hiring increased 74,000 in the healthcare and social assistance sector. The hiring rate dipped to 3.9% from 4.0% in October. Stocks on Wall Street were mostly higher. The dollar fell against a basket of currencies. U.S. Treasury prices rose.The still-tight labor market conditions were reinforced by a 125,000 increase in the number of people resigning from their jobs to 4.173 million in November. That lifted the quits rate, viewed by policymakers and economists as a measure of job market confidence, to 2.7% from 2.6% in the prior month. Higher resignations could keep wage growth elevated and ultimately inflation.

Its measure of supplier deliveries fell to 45.1 from 47.2 in November, remaining below the 50 threshold, which indicates faster deliveries to factories, for a third consecutive month. The month-over-month performance of supplier deliveries was the best since March 2009, according to ISM.

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Manufacturing slumps? What?

Two bad you have to have three jobs to pay rent and buy groceries.

Yeah. About that fourth quarter economic growth . . .

No shit sherlock, slimy Joe Biden has no idea what he is doing

Seeming needing more material resources. Like the saying goes and I didn't conjure up the saying, 'one man's junk is another man's treasure,' meaning with one's man's talent can create something useable appealing from it have the talent.

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Job openings remain elevated in November despite Fed efforts to cool labor marketThe Labor Department reported on Wednesday that there were 10.5 million job openings at the end of November, a sign the labor market remains very tight.
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