U.S. job openings unexpectedly rose in December, showing demand for labor remains strong despite higher interest rates and mounting fears of a recession, which could keep the Federal Reserve on its policy tightening path.
With vacancies concentrated in the leisure and hospitality industry as well as retail trade, some economists believed December's surge was temporary. Others speculated that job openings had been overstated because of difficulties adjusting the data for seasonal fluctuations.
There were an additional 409,000 unfilled jobs in the accommodation and food services industry. Employment in the industry remains below its pre-pandemic level. Retail trade reported 134,000 more vacancies. Construction, which has been hammered by higher borrowing costs, had 82,000 more openings. Only one of the six largest manufacturing industries, transportation equipment, reported growth. Comments from manufacturers were mixed, with some describing business as "still strong," while others said "sales have dropped."Despite the deterioration in conditions, factories did not appear to be laying off workers in large numbers.
Leisure/hospitality employment increased by 95,000 jobs last month, which economists said was at odds with bad weather holding back hiring.
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