The U.S. Department of Labor’s Job Openings and Labor Turnover Survey showed a slight increase in manufacturing job openings in November. NAM Chief Economist Chad Moutray explained what we saw and what it all means.
Help wanted: “The November report recorded 779,000 manufacturing job openings, up from 722,000 in October, with increased postings for both durable and nondurable goods firms,” said Moutray. “Over the past 12 months, job openings in the sector have averaged nearly 837,000, remaining well above pre-pandemic levels.”
Digging deeper: “Manufacturers hired 402,000 workers in November, down from 434,000 in October, with reduced activity for both durable and nondurable goods firms,” said Moutray.
- “Total separations rose from 388,000 to 393,000 for the month. As a result, net hiring (or hiring minus separations) totaled 9,000 in November, the slowest monthly gain since April 2021. Yet, net hiring has averaged more than 27,000 over the past 12 months, a solid reading.”
The big picture: “In the larger economy, nonfarm business job openings cooled from 10,512,000 in October to 10,458,000 in November, a pace which remains quite elevated,” said Moutray.
- “Meanwhile, there were 6,011,000 unemployed Americans in November, which translated into 57.5 unemployed workers for every 100 job openings in the U.S. economy. As such, there continued to be more job openings than people actively looking for work.”