U.S. job vacancies are close to record, but fewer workers have left Business and Economic News

Fewer Americans are telling their bosses “I’m leaving,” but the economy is still immersed in the jobs they’re begging for.

The U.S. economy is still full of jobs, government data showed on Wednesday, but fewer Americans are telling their bosses “I’m leaving.”

The U.S. Department of Labor’s latest Job Offer and Labor Turnover Survey (JOLTS) showed job vacancies rose 431,000 in October to 11 million, the width of an all-time hair loss of 11.1 million in July.

But the number of Americans who left the job fell by more than 200,000 in October to 4.2 million, down from a record high in September.

Customer-oriented accommodation and food services saw the largest increase in job offers, and with the exception of education by state and local governments, there was the largest decline.

In terms of departures, transportation, warehousing, and public services saw the largest decline in staff going to the outings, and state and local governments had the largest increase except for education.

The large number of job vacancies in the U.S. has put workers in the driver’s seat for the first time in decades, and many companies are raising wages and enjoying the benefits of poor jobs to attract job seekers.

But the financial cushion of the federal coronary pandemic pandemic support so that workers have more opportunities to take action is declining after the expiration of federal unemployment benefits in September.

While the US was created 210,000 disappointing in the last month, the number of people looking for work or actively looking up rose to 61.8 percent.

Although average hourly earnings (AHE) continued to grow last month, wages are not rising fast enough to keep up with inflation. And some economists see this year’s wage growth slowing.

“The year-on-year rate hike has contributed to the sequential slowdown in AHE growth in October and November, and supports our view that wage growth will cool now that unemployment benefits have expired,” Goldman Sachs economists said in a note to clients. on wednesday.

The open question is how much the hourly earnings will cool. A survey of 48 economists released on Monday showed that nearly two-thirds expect it wage increases to keep inflation high over the next three years.

The U.S. economy still has about four million jobs to recover from pre-pandemic levels as of February 2020, which does not take into account the growth in the labor force.

Some factors are thought to affect the current shortage of available workers, from the fear of hiring COVID-19 to the fact that older workers choose to retire early, until Americans just stop working for someone else and open their businesses. .