Job Openings Dip, Manufacturing Activity Improves Slightly

U.S. manufacturing job openings declined in November to a four-month low, according to the Bureau of Labor Statistics.

Meanwhile, U.S. manufacturing contracted in December, but more slowly than in recent months, Reuters reports.

What’s going on: There were 547,000 manufacturing job openings in November, a decline from 561,000 in September.

Manufacturers hired 358,000 workers in November, the fewest since July 2020.
In the larger economy, November saw a seasonally adjusted 8.79 million job openings, down from October’s upwardly revised 8.85 million, according to CNN.
The Institute for Supply Management’s PMI increased to 47.4 in December after remaining at 46.7 for two straight months, according to Reuters. A PMI below 50 indicates contraction.

What it means: November’s manufacturing job openings numbers are “a sign that churn, which has been a major issue for manufacturers amid a tight labor market, has eased significantly, approaching (but still above, for now) pre-pandemic levels,” said NAM Chief Economist Chad Moutray.