The gaps in December 2024 were reduced more than expected in a low of three months, which is consistent with a gradual slowdown in the labour market. The available jobs in the US were reduced to 7.60 million from the revised measurement of 8.16 million in November, today showed (04.02.2025) the Office of Labour Statistics’ survey on jobs and job change, known as JOLTS. The rate was lower than all estimates except one in a Bloomberg survey among economists. CORVERSE The retreat of open positions came from professional and business services, partly reversing the rise that occurred in the previous two months. Health care and social care, as well as funding and insurance, have also been greatly reduced. The evidence shows that open jobs are again in decline after major increases in recent months. This should continue to suppress wage increases and supports the Federal Bank’s claim that the labour market is no longer a source of inflationary pressure. The number of job vacancies per unemployed worker, a proportion closely monitored by Fed, remained at 1.1 for a sixth month. At its peak in 2022, the ratio was 2 to 1. State bond yields declined and the shares retained their profits after the report. The recruitment rate was maintained at 3.4%, from the lowest of the last decade. The rate of redundancies also remained unchanged at a historically low level. The so-called waiver rate, which measures the percentage of people who voluntarily leave work each month, remained at 2%.
U.S.: Job vacancies dropped to 7.6 million in December 2024
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