NextGen Day

In November, there were historically high amounts of job opportunities in the United States.

According to the Labor Department’s report released on Wednesday, there were over 10.5 million open positions in November, almost unchanged from October.

Jobs in professional and business services become more plentiful. Finance and insurance saw a decline.

In 2023, the labor market may continue to contract as a result of the Federal Reserve hiking interest rates to reduce demand and fight inflation.

Although there are fewer job postings now than there were in March 2022, there are still many more than the 6 million Americans who are unemployed and looking for employment.

According to the Labor Department, companies added an average of 392,000 jobs per month from 2022 through November, indicating that the US labor market as a whole is still historically strong.

According to the Labor Department, the percentage of workers quitting their jobs—an indication of confidence in the labor market—rose to 2.7 percent in November from 2.6 percent a month earlier. Quit rates have risen to pre-pandemic levels but are still below record highs set in late 2021.

The jobless rate increased marginally from half-century lows recorded earlier in 2022 to 3.7 percent in November.

More generally, after contracting in the first half of 2022, the economy began to expand again in the second half of the year.

However, according to analysts surveyed by The Wall Street Journal this past fall, a recession will start in 2023.

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