Labor Market Cools as Job Growth Slows, Openings Decline
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JOLTS report on Tuesday showed job openings dropped to 8.7 million in October, lowest since March 2021, indicating the labor market has "definitely cooled".
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ADP report on Wednesday showed private payrolls increased by 103,000 jobs in November, evidence of "labor market cooling" and a "soft landing".
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November jobs report on Friday showed 199,000 jobs added and unemployment rate dropped to 3.7%, signs of "full employment" yet "not exactly the kind of print" the Fed hoped for.
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Information sector and tech are seeing slowing wage growth, with the gap closing between what job changers and job stayers are making.
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Job openings to unemployed ratio down to 1.3% from 2% peak in 2021 when people were more readily quitting jobs; quits rate also down showing "normalization".