The report precedes Friday’s employment data, which is forecast to show employers moderated hiring in December to a level that’s still healthy. The unemployment rate probably held at 4.2%.
Layoffs were relatively unchanged at a low level, while the pace of hiring cooled and matched the lowest since April 2020, the JOLTS data showed.
The quits rate declined to 1.9%, also matching the lowest since early in the pandemic and was fairly broad across industries. That suggests more people are losing confidence in their ability to find a new job.
The number of vacancies per unemployed worker, a ratio the Fed watches closely, held at 1.1, in line with pre-pandemic levels. At its peak in 2022, the ratio was 2 to 1.
Some economists have questioned the validity of the JOLTS data, in part due to the survey’s low response rate and heavy revisions. A similar index by job-posting site Indeed showed openings rose slightly in November.
