JOLTs job openings come in at 10.562 vs 11.075M estimate

The US JOLTs data came in weaker than expected 10.562M vs 11.075M estimate adn last month to 11.091M (revised from 11.033M)

• job openings 10.562M vs 11.091M in October and 11.075M est
• Hires rate was little change at 6.7M and 4.5%
• Total separations increase to 6.3 million (+382,000). The total separations rate was little change of 4.2%
• Quits increase in November to a series high of 4.5 million (+370,000). The quits rate increase 3.0% matching the series high in September. Quits increased in accommodations and food services (+169,000) and healthcare and social assistance, +52,000, and transportation, warehousing and utilities, +33,000. The quits rate is important as it typically is a volunteer action by workers.
• The number of layoffs and discharges was little changed at 1.4 million or 0.9%

Over the 12 month ending November 2021, total hires totaled 74.5 million and separations totaled 68.7 million yielding a net employment gain of 5.9 million.

Although lower than expectations, the data still points to a tight labor market.

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