The number of job openings surged in November t0 4.972 million according to the latest Job Openings and Labour Turnover survey from the BLS.
Expectations were for the report to show that job opening rose to 4.85 million in November, up from 4.834 million in October.
The quites rates held steady at 1.9% in November.
The report also showed that over the 12 months ending in November totaled 57.6 million with net employment gains totaling 2.7 million over that period.
The JOLTS report is one of Fed Chair Janet Yellen’s favourite labour market indicators and gives a good overview of how much slack exists in the labour market, showing the number of job openings and how many people are quitting their jobs, among other things.
The latest JOLTS report also follows the December NFIB small business optimism report, which again showed that indications from small business owners point to higher wages for American workers.
This report marks another post-crisis high for the number of job openings:
And another low for the number of unemployed per job opening, indicating decreasing slack in the labour market.