by Wolf Richter
Wolf Street
In light of this scenario, the Fed has been backpedaling on rate-cut expectations for two months.
October’s majestic jump in job openings was revised even higher, and in November, job openings jumped by another 259,000, to 8.10 million (blue in the chart below), the highest since May and well above the prepandemic record in late 2018, and the three-month average (red) rose for the second month in a row, as the underlying dynamics of the labor market retightened, according to the Job Openings and Labor Turnover Survey (JOLTS) from the Bureau of Labor Statistics today. This data is based on surveys of about 21,000 work locations, and not on online job listings.