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U.S. job openings fall less than expected in November

2023-01-04T15:25:28Z

A pedestrian passes a “Help Wanted” sign in the door of a hardware store in Cambridge, Massachusetts, U.S., July 8, 2022. REUTERS/Brian Snyder

U.S. job openings fell moderately in November as the labor market remains tight, which could see the Federal Reserve increasing interest rates to a higher level than currently anticipated.

Job openings, a measure of labor demand, slipped 54,000 to 10.458 million on the last day of November, the Labor Department said in its monthly Job Openings and Labor Turnover Survey, or JOLTS report, on Wednesday. Economists polled by Reuters had forecast 10 million job openings.

The Fed is engaged in its fastest interest rate-hiking cycle since the 1980s as tries to dampen demand, including for labor, in order to tame high inflation.