US job openings fell moderately in November as the labor market remains tight, which could cause the Federal Reserve (Fed) to raise interest rates more than expected.
Job openings, a measure of labor demand, fell by 54,000 to 10.4 million openings as of the last day of November, the Labor Department revealed Wednesday in its monthly survey of job openings and job turnover. Those polled by Reuters had forecast 10 million job openings.
The Fed is engaged in its fastest interest rate hike cycle since the 1980s in an attempt to curb demand, including for labor, to rein in high inflation.
Manufacturing sector
For its part, the US manufacturing sector contracted again in December, but weak demand, in a context of more expensive credit, caused the average prices paid by factories for inputs to reach a minimum of more than two years and a half, which points to a disinflation of goods.
The Supply Management Institute reported that its manufacturing PMI fell to 48.4 points last month from 49.0 points in November, contracting for the second month in a row.
This was the weakest reading since May 2020, when the economy was hit by the first wave of Covid-19 cases.
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