Job openings at U.S. employers unexpectedly surged to a five-month high of just over 11 million, exceeding all economists’ estimates.
The number of available positions climbed to a five-month high of just over 11 million in December from 10.4 million a month earlier, the Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS, showed Wednesday. The increase was the largest since July 2021 and mostly reflected a jump in vacancies in accommodation and food services.
That’s likely to be a big talking point of Fed Chair Jerome Powell when he speaks this afternoon at the conclusion of the central bank’s first policy meeting of 2023. Officials are expected to slow the pace of interest-rate hikes to a quarter point. Hiring edged higher, including in industries like construction, retail trade and health care. Meantime, layoffs also ticked up.
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