The number of job openings per unemployed worker has dropped to 1.1, compared to 2 in early 2022
Fewer workers are changing jobs, and experts think this trend will continue.
The number of jobs Americans quit last year dropped to 39.6 million, an 11% drop from 2023 and 22% lower than in 2022, according to Labor Department data released yesterday.
As the job market cools, hiring has slowed, making it harder for workers to change roles.
Employers hired 66 million workers in 2024, down from 71 million the previous year. The number of job openings per unemployed worker has dropped to 1.1, compared to 2 in early 2022.
According to the data, December saw 7.6 million job openings compared to 8.16 million in November.
White-collar roles in tech, law, and finance saw the most significant decline, while industries like healthcare and hospitality still need workers.
Companies are watching costs
Firms are focusing on minimizing salary costs. While Meta is laying off 5% of its workforce, RTX, the defense contractor formerly known as Raytheon, is using automation to boost productivity.
Now, economists await the monthly job report for January from the Bureau of Labor Statistics.