The U.S. Bureau of Labor Statistics’ November report has revealed that the ratio of job openings to available workers decreased last month.
As of November, there were 1.49 million hires compared with the October’s figure of 1.58 million. This led to the ratio of job openings to available workers dipping down to 1.4 from October’s level of 1.5.
The report observed that there were 5.8 million job openings, which was about 7 percent lower than the October’s figure. This decrease was primarily due to the decrease in the number of job openings in the leisure and hospitality sector. At the same time, the number of hires declined from October’s level of 1.57 million to 1.49 million.
The leisure and hospitality sector accounted for the highest share of nonfarm job openings. This suggests that the sector is still facing the brunt of the pandemic. Other sectors with significant job openings included professional and business services (1.3 million), health care and social assistance (1.07 million), and trade, transportation, and utilities (1.06 million).
On the other hand, the number of unemployed persons decreased from October level of 9.6 million to 9.5 million in November. Despite this, the labor market continued to remain weak. There were over 10 workers looking for a job for each opening in the market.
The report concluded that the job openings declined in most industries in November. These results highlight that economic recovery may be slower than expected. The lingering effects of the pandemic, including shuttered business, will continue to weigh down the labor market for some time. It remains to be seen how the vaccine roll out impacts the labor market dynamics in the near future.
The U.S. Bureau of Labor Statistics’ November report has revealed that the ratio of job openings to available workers decreased last month.
As of November, there were 1.49 million hires compared with the October’s figure of 1.58 million. This led to the ratio of job openings to available workers dipping down to 1.4 from October’s level of 1.5.
The report observed that there were 5.8 million job openings, which was about 7 percent lower than the October’s figure. This decrease was primarily due to the decrease in the number of job openings in the leisure and hospitality sector. At the same time, the number of hires declined from October’s level of 1.57 million to 1.49 million.
The leisure and hospitality sector accounted for the highest share of nonfarm job openings. This suggests that the sector is still facing the brunt of the pandemic. Other sectors with significant job openings included professional and business services (1.3 million), health care and social assistance (1.07 million), and trade, transportation, and utilities (1.06 million).
On the other hand, the number of unemployed persons decreased from October level of 9.6 million to 9.5 million in November. Despite this, the labor market continued to remain weak. There were over 10 workers looking for a job for each opening in the market.
The report concluded that the job openings declined in most industries in November. These results highlight that economic recovery may be slower than expected. The lingering effects of the pandemic, including shuttered business, will continue to weigh down the labor market for some time. It remains to be seen how the vaccine roll out impacts the labor market dynamics in the near future.
