Job openings declined sharply in December 2024 and fell short of market expectations, signaling further cooling in the labor market.
According to the Bureau of Labor Statistics’ Job Openings and Labor Turnover Summary (JOLTS) report, the number of job vacancies declined by 556,000 to 7.6 million last month, the lowest since September 2024.
Economists had expected a reading of 8 million.
Overall, the number of employment opportunities fell by 1.3 million in 2024.
The December drop was concentrated in professional and business services (225,000), health care and social assistance (180,000), and finance and insurance (136,000).
There are now 1.1 jobs open for every job-seeking unemployed person.
More Americans submitted their resignation letters to finish the year. The number of job quits rose slightly, to 3.197 million from an upwardly revised 3.13 million in November 2024. However, it fell by 242,000 throughout 2024….