Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
The number of job openings in the U.S. declined consistently throughout 2019 and took a nosedive in the last two months of the year, the government's December Job Openings and Labor Turnover Survey (JOLTS) showed.
The state of play: Job openings declined by 364,000 in December after a decline of 561,000 in November.
- The total number of openings fell to 6.4 million, the lowest in nearly two years, and the decline over the past year is the largest since the financial crisis.
Why it matters: “Net, net, job openings around the country are plummeting in a way that we hate to say looks like a recession,” Chris Rupkey, chief financial economist at MUFG Union Bank, told CNBC.
- Peter Boockvar, chief investment officer at Bleakley Advisory Group, told Barron's “It’s clear here that with a 2%-type GDP economy rather than something near 3% has resulted in a lesser demand for labor.”
Yes, but: The numbers in the rest of the JOLTS report tell a different story.
- The total hire rate increased for the month, from 3.8% to 3.9%, and separations increased just 0.1 percentage point, to 3.8%.
- The all-important quits rate, seen as a top measure of worker confidence, held steady at 2.3%, still near the highest level on record.
Go deeper: U.S. economy adds 145,000 jobs in final report of 2019