U.S. job openings dropped in November to the lowest level in more than two years, the latest evidence that the Federal Reserve's interest-rate hike campaign is continuing to cool the labor market.
The Labor Department said Wednesday there were 8.79 million job openings in November, a decrease from the upward revised 8.85 million openings reported the previous month. Economists surveyed by Refinitiv expected a reading of 8.85 million.
It marked the lowest level for job openings since March 2021.
Elementary school educators gather to talk to prospective hires during a hiring event for Prince George's County school district hosted at Dr. Henry A. Wise Jr. High School in Upper Marlboro, Maryland, on Aug. 2, 2023. (Amanda Andrade-Rhoades/For The Washington Post via Getty Images / Getty Images)
The Federal Reserve closely watches these figures as it tries to gauge labor market tightness and wrestle inflation under control.
This is a developing story. Please check back for updates.