The Labor Department is due to release job-opening figures, as well as data on hiring, layoffs and voluntary quits
The Labor Department’s November report on job openings and turnover is expected to show how demand for workers fared toward the end of 2022.remains historically strong, with employers adding an average of 392,000 jobs a month in 2022 through November, according to the Labor Department. The pace of job growth was more than double that of 2019, the year before Covid-19 hit the U.S. economy.
Still, hiring and the number of available jobs have cooled from red-hot levels in the first part of last year. With the Federal Reserve raisingto ease demand and combat inflation, the labor market could slow further in 2023. Job openings in recent months fell from a record 11.9 million achieved in March 2022, though they still far exceeded the number of people who were unemployed and seeking work.
The Labor Department is due to release job-opening figures for November, as well as data on hiring, layoffs and voluntary quits by workers, at 10 a.m. Eastern time Wednesday.The latest economic news, analysis and data curated weekdays by WSJ's Jeffrey Sparshott.The share of workers quitting their jobs—a sign of confidence in the labor market—declined last year from a record level reached in late 2021.
Other recent data are consistent with a labor market that is beginning to cool. Jobless claims, a proxy for layoffs, remain low but have risen from spring 2022. Theclocked in at 3.7% in November, up slightly from half-century lows matched earlier in 2022. More broadly, economic growth restarted in the second half of 2022 after a contraction in the first half of the year. Yet economists surveyed by The Wall Street Journal this past fall forecast the economy
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