There were 10.46 million job vacancies on the last day of November, down slightly from 10.51 million in October.
Yet the figures show there are nearly 1.8 jobs for every unemployed person, down from a peak of 2 but historically very high. Before the pandemic, there were usually more unemployed people than jobs.
And the high number of vacancies suggest the Fed will continue raising its benchmark interest rate at its coming meetings to quell inflation. Those higher rates will also raise the cost of mortgages, auto loans and other consumer and business borrowing. The Federal Reserve is closely monitoring the figures on job openings and quits for signals about the strength of the job market. More quitting suggests there are still plenty of businesses, desperate to hire, that are offering higher pay to lure workers from their current jobs.
Fed Chair Jerome Powell has highlighted rising pay as a factor in keeping inflation high. Bigger paychecks enable Americans to spend more and can push companies to raise prices to offset the higher labor costs.
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