Job Openings Slowing

Job openings are clearly slowing, down 2.8 percent in December to 5.811 million which is well below Econoday's low estimate. This the 3rd monthly decline in 5 months and pulls down the year-on-year gain to what is still a healthy 4.9 percent. Hires are steady, down fractionally in the month to 5.488 million and keeping the spread with openings also steady, at 323,000.

Quits are on the rise, at 3.259 million for a 3.1 percent December gain that lift the quits rate by 1 tenth to 2.2 percent. This rate is still modest but upward movement here hints at rising confidence among workers to switch jobs in what could signal rising pressure for wages.

But it is the falloff in openings that headlines this report, suggesting that labor-market demand may in fact be cooling in what could be a welcome plus for an economy at or very near full employment.

Recent History Of This Indicator:
Job openings are high but did slip 0.8 percent to 5.879 million in the last JOLTS report for November. Hires also fell, down 1.9 percent to 5.488 million. Openings have been moving lower after peaking at 6.140 million in July, while hires, despite November's dip, have been picking up and are still near their expansion high which was set in October at 5.592 million. Econoday's consensus for December job openings is for a slight gain to 5.900 million.