US JOLTS Data Below Estimates In November

According to new data from the Department of Labour, a record 4.5 million workers quit or changed jobs in November. Employees took advantage of better pay and benefits as labor shortages continue to remain major part of U.S. economy, while labour shortages have helped create one of the more worker friendly job climates in years.

The report continues to show a trend of high turnover in the labor market, a sign of how profoundly the economy has been reshuffled in the nearly two years since the beginning of the pandemic.

The number of job openings on the last business day of November fell to 10.562 million, the US Bureau of Labor Statistics announced in its latest Job Openings and Labor Turnover Summary (JOLTS) on Tuesday.

This reading came in below market expectations for 11.075 million and was lower versus October’s 11.091 million reading, which had been revised up from 11.033 million.