"US Job Openings Hit 32-Month Low as Market Tightens in November"
U.S. job openings decreased to 8.79 million in November, the lowest since March 2021, indicating a cooling job market. Despite the decline from the peak in March 2022, openings remain above pre-pandemic levels. The cooldown aligns with the Federal Reserve's efforts to slow economic activity and control inflation. Infrastructure, federal government, and leisure/hospitality sectors saw significant drops in job openings, while wholesale trade experienced an increase. Hires also fell to the lowest level since April 2020, excluding the initial pandemic impact. Layoffs and quits decreased, suggesting the possibility of a soft landing for the economy. The Federal Reserve may not cut rates as much as expected in 2024 to avoid reigniting inflation.
