Job openings shot up to 11 million in December 2022, according to the monthly JOLTS report released by the U.S. Bureau of Labor Statistics, up from 10.44 million in November. While the labor gap was slowly contracting over the second half of 2022, openings are historically high and outnumber unemployed workers by approximately 5.3 million.
About 4 million workers left their jobs in December, below the record 4.5 million recorded one year ago during what has been dubbed the “Great Resignation.” The number of people quitting remains elevated, as workers continue to feel comfortable enough to switch jobs in pursuit of higher pay or better working conditions. Layoffs in December rose to 1.47 million, amid reports of job cutting from sectors impacted by higher interest rates.
The ADP employment report also released this morning showed that private sector job growth rose by just 106,000 in January, coming in under expectations. On Friday, the Department of Labor will report on how many jobs the U.S. economy added in January, the unemployment rate and wage gains for the month.