US November Job Openings Basically Flat

The US Bureau of Labor Statistics (BLS) reported this morning that the number of US job openings at the end of November totaled 3.16 million, down slightly from the 3.22 million jobs available at the end of October. The BLS report also noted that new hires rose in November, from 4.04 million in October to 4.15 million.

The number of Americans who lost their jobs — that is, “separated” in BLS lingo — grew slightly from 3.9 million to 4 million. In December 2007, the start of the Great Recession, there were 4.4 million job openings in the US. At the most recent low point, in July 2009, US job openings totaled about 2.2 million, a full million less than today.

Among different industries, construction job openings grew month-over-month by 3,000, but new hires fell from 339,000 to 309,000. Job openings in the leisure and hospitality industry grew the most, from 406,000 to 590,000, and industry hiring also grew, from 666,000 in October to 734,000 in November.

The number of people who quit their jobs in November represents 49% of the total number of separations for the month. Layoffs and firings accounted for the rest. In the government sector, layoffs and firings totalled 110,000 in November, down from 138,000 in November 2010, but up from 98,000 in October 2011.

Overall, the employment picture is improving slightly, as the recent drop in the total unemployment rate to 8.5% demonstrates. But the gains are small and slow and, at this rate, full employment in the US is still years away.

Paul Ausick