US job openings drop in December
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The news: US job openings fell in December to 7.6 million, the lowest in three months, according to the Bureau of Labor Statistics' JOLTS report.
The numbers: That was down from November’s revised 8.16 million and among the lowest estimates in a Bloomberg economist survey.
The decline was led by professional and business services, healthcare, social assistance and finance.
The vacancies-to-unemployed ratio, a metric the Fed monitors closely, remained at 1.1 for the sixth month, down from its 2022 peak of 2 to 1.
The hiring rate held at 3.4%, among the lowest in a decade, while the quits rate stayed at 2%, suggesting reduced worker confidence from a year earlier when the rate was 2.2%.
The data comes ahead of the monthly employment report due Friday, which is expected to show hiring slowed in January, with the unemployment rate steady at 4.1%.
The sources: Bloomberg, US Bureau of Labor Statistics
