FAST FIVE: Labor Market Hits A Brick Wall: Job Openings Crater The Most Since The Financial Crisis
The largest decreases in job openings were in retail trade (-139,000) and construction (-112,000).
The number of job openings fell in the South and Midwest regions.
That said, there was a silver lining to today's report: even at 6.8MM job openings this was still well above the total number of unemployed workers; in fact in November was the 21st consecutive month in which job openings surpassed unemployed workers.
Still, despite these two offsets, the near record plunge in job openings is a very loud, and very clear signal that something is breaking in the labor market, and if this trend continues, then the next logical escalation is a surge in layoffs as US employers retrench and force their existing workers to boost their productivity further.
Tyler Durden Fri, 01/17/2020 – 10:23 Tags Labor.