U.S. December job openings fall to lowest level since 2020

According to data from the U.S. Bureau of Labor Statistics, the number of job openings in December fell to 6.54 million from a revised 6.93 million in November, marking the lowest level since 2020 and falling short of market expectations. Job vacancies in the professional and business services sector as well as the retail sector declined, while layoffs in the transportation and warehousing industry increased. Although hiring numbers saw a slight rise, the overall level remained low. In December, there were 0.9 job openings per unemployed person, down from the 2-to-1 peak in 2022. The Federal Reserve believes that wage growth is not a source of inflationary pressure.