The numbers: Job openings fell by 529,000 to 10.6 million on the last day of November, the Labor Department said Tuesday.
Economists polled by The Wall Street Journal had forecast a gain to 11.1 million vacancies.
The JOLTS report also showed that people quitting their jobs rose by 370,000 to 4.5 million in November. The quits rate rose to 3% from 2.8% in October.
Key details: The report also showed layoffs rose by a slight 19,000 to 1.37 million. The layoffs rate was 0.9% for the fourth straight month.
Hiring rose by 191,000 jobs to 6.7 million in November. The hiring rate rose to 4.5% from 4.4% in the prior month.
Big picture: The data continue to paint a picture of a labor shortage. Fed Chairman Jerome Powell said last month that the JOLTS data is important for his team as they chart interest-rate policy.
The JOLTS data usually comes out after the government’s employment report but this month that data will be released on Friday. Economists expect that 422,000 jobs were created last month and the unemployment rate will slip to 4.1% from 4.2%. The health of the labor market will be key for the timing of any Fed rate hikes.
Investors now see a greater than 50% chance the Fed hikes interest rates in March.
Market reaction: Stocks
DJIA,
SPX,
moved higher at the open on Tuesday on a continuation of the upbeat mood from the strong start to the trading year.
