U.S. Job Openings Rise to Six-Month High in November

Driven by significant growth in the business services sector, job openings in the U.S. rose to a six-month high in November, while demand for employees in other industries has become more complex. The Job Openings and Labor Turnover Survey (JOLTS) released by the U.S. Bureau of Labor Statistics on Tuesday showed that vacancies increased from a revised 7.8 million in October to 8.1 million, exceeding all analysts' expectations. The growth was almost entirely driven by professional and business services as well as financial and insurance sectors. The latest job openings figures indicate a relief from the declining trend seen over the past three years. The labor market now appears to be more stable, and inflation has shown stubborn behavior in recent months, reducing expectations for the Federal Reserve to cut interest rates this year. Following the data release, traders no longer fully priced in bets that the Fed would lower rates before July.