There were 10.46 million job vacancies on the last day of November, down slightly from 10.51 million in October, the Labor Department said Wednesday. That’s down from a peak of 11.9 million in March.
In another key metric, the number of people quitting their job rose to 4.2 million, up from about 4 million in October. That is below record peaks of roughly 4.6 million quits late last year, but is still historically high. Workers typically quit a job for higher pay in new positions. When many Americans quit, it can force businesses to pay more to keep their workers.
That runs counter to the Fed’s goal of slowing hiring and the economy in order to bring down inflation. Price gains have weakened in recent months but inflation was still high at 7.1% in November compared with a year ago. The Fed has raised rates seven times this year, to a range of 4.25% to 4.5%, and hopes cool off the economy without causing a recession. But it expects its rate hikes to push unemployment to 4.6% next year, up from 3.7% now, an increase that has never occurred outside of a downturn.
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