Job openings slide to 2nd-lowest level in five years

US employers posted far fewer jobs in November than the previous month, a sign that employers are not yet ramping up hiring even as growth has picked up.

Businesses and government agencies posted 7.1 million open jobs at the end of November, the Labor Department said on Wednesday, down from 7.4 million in October. Lay-offs also dropped, however, as companies appear to be holding onto workers, even as they are reluctant to add staff.

The figures provide some critical measures of the job market after last fall’s government shutdown delayed the release of data on hiring and inflation. Wednesday’s report is known as the job openings and labour turnover survey, or JOLTS, and provides key insights into the state of hiring and firing. It is separate from the better-known monthly jobs report that includes the unemployment rate, which will be released today.

The report suggests that the ‘low-hire, low-fire’ job market remains in effect, with workers enjoying some job security but those out of work struggling to find jobs.

– AP