As the job market continues to struggle to recover from the economic shocks of the pandemic, recent figures released by the U.S. Bureau of Labor Statistics (BLS) indicate that job openings have decreased yet again.
According to the BLS, the number of available jobs decreased by 3.1 percent from October to November of 2020, bringing total job openings down to 1.4 per available worker. This marks a significant drop from the 3.6 openings available per worker in October.
The most notable decrease in job openings was seen in the hospitality industry, which saw a 3.1 percent drop in November. This is twice the rate of decline experienced by other industries, signaling the continued struggles that the sector faces in the wake of the virus.
At the same time, hiring rates have also dipped slightly, with the number of hires decreasing 0.8 percent from October. This is in stark contrast to the steady increases in hiring seen this summer, and a sign that companies are becoming more reluctant to hire new employees even as the economy improves.
Overall, the BLS report paints a bleak picture for the US job market. With the pandemic far from over and many companies unwilling to take on new staff, it is unclear when the job market will stabilize.
This news has not gone unnoticed by the Federal Reserve, who just last week voted to keep interest rates at historic lows in order to provide a boost to the economy. It remains to be seen if such measures will be enough to turn around the job market, or if further acts of stimulus will be needed.
“November Numbers Reveal Decline in Job Openings to 1.4 per Available Worker!
