(RestoreAmericanGlory.com) – In November, the number of job openings in the economy remained fairly flat, at a two-and-a-half year law which had originally been reached in October. This is at a time when there has been a downward trend in the number of job offers available in the market.
In October there were 8.85 million job openings in the market, while a month later those had dropped to 8.79 million. The number of new hires also fell from 5.83 million to 5.47 million according to Wednesday’s report by the Labor Department.
The Job Openings and Labor Turnover Survey (JOLTS) latest numbers show that the ratio of open jobs to job seekers has remained approximately the same at around 1.4-to-1 marking a significant decline from the peak following the COVID-19 pandemic when there had been around two job openings for every single unemployed person.
Economists were often surprised by how strong the labor market had remained during the pandemic recovery period, however, there were signs now that the market was cooling off. While over the past two years, there have been changes to the curve of how many monthly job openings were available, since March, when there had been over 12 million job openings, there has been an overall downward slope.
The job market has also become a lot less favorable for those workers who are trying to switch jobs following the pandemic.
NerdWallet analyst Elizabeth Renter has stated that the rate of people who quit their jobs has now normalized with demand for labor decreasing.
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