Washington - Saba:
Economic data revealed that the labor market in the United States witnessed a decrease in the number of job vacancies last December.
Data published by the US Department of Labor last night said: The number of job vacancies decreased by 7.6 million jobs last December compared to 8.2 million jobs last November, and 8.9 million jobs in the same month of the previous year.
The data indicated a decrease in the number of job vacancies in professional fields and corporate services, a broad category that includes managers and technical workers, as well as a decrease in the number in the field of health care, social assistance, financial services, insurance, and entertainment.
The US labor market has been slowing since the hiring boom of 2021-23. Employers laid off about 186,000 workers per month in the first 11 months of last year, but the number was lower than the 251,000 workers per month recorded in 2023, the 337,000 workers in 2022, and the record 604,000 workers recorded in 2021.
Employment in the United States has remained strong despite rising interest rates. In 2022 and 2023, the US Federal Reserve (the central bank) raised its benchmark interest rate 11 times in an attempt to reduce inflation.
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