Job openings in the US increased by 572,000 to a five-month high of 11 million in December, with 1.9 job openings for every unemployed person.
Why it matters
The unexpected rise in job openings suggests that the labor market remains strong, despite fears of a recession. This could impact the Federal Reserve's decision on interest rates and its policy tightening path.
What the papers say
Reuters says, "This could well be the first recession in history without material job losses," while Al Jazeera highlights that "It's a good thing for the Fed that inflation pressures are cooling because the labor market isn't cooling at all." The New York Times mentions that wage growth has been slowing at the same time as job openings increase.
How we got here
The US job market has shown persistent labor tightness, leading to expectations of a rate hike by the Federal Reserve. The rise in job openings in December contradicts concerns of a recession.
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