CNN
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The “Great Stay” deepened in November as the number of people who quit their jobs that month dropped to under 3.1 million, a level not seen since the height of the pandemic.
The latest Job Openings and Labor Turnover Survey report also showed that hiring activity remained at a decade low, a further indication that a much cooler labor market is at hand, according to Bureau of Labor Statistics data released Tuesday.
Despite continued signs of a broader slowdown, Tuesday’s report showed that layoff activity held fairly steady in November. Additionally, the number of job openings increased to 8.1 million, its highest level since May.
Job openings are a closely watched metric of how much demand there is for labor. Economists were expecting the number of open jobs to decrease slightly to 7.7 million from the original estimate of 7.74 million, according to FactSet.
This story is developing and will be updated.
