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Expand chart
Data: BLS via Federal Reserve Bank of St. Louis; Chart: Axios Visuals

The Labor Department's Job Openings and Labor Turnover Survey (JOLTS) report showed the lowest number of openings in two years, but the rest of the report revealed some other negative facts about the labor market.

Details: November and December saw the largest two-month drop in job openings on record, dating back to 2001, notes Lou Brien, rates strategist at DRW Trading.

  • The number of job openings saw a net decline of 1.06 million in 2019. It was the first calendar year that overall job openings have declined since 2009 and is the largest decline for any year since 2008, when the number of openings fell by 1.34 million.
  • The 12-month net change in job openings has been negative for the last seven months. From 2010 through the early part of 2019 there were only five months when the 12-month net change was negative; fewer in a decade than there has been since last June.

Of note: The downward revisions to the jobs report announced earlier this month was 514,000, which was a 20% reduction in the number of jobs added and the largest downward revision for any year ending in March since 2009, Brien says.

Go deeper: U.S. economy adds 145,000 jobs in final report of 2019

Go deeper

13 mins ago - Politics & Policy

Trump leaves White House for the final time

President Trump took off on Marine One at 8:17 a.m on Wednesday morning, departing the White House for the last time, en route to Florida.

The big picture: Trump's final hours will be marked by snubbing his successor and granting pardons to many of his allies who have been swept up in corruption scandals.

Inauguration Day dashboard

Screenshot: Fox News

President Trump has left the White House en route to a farewell event at Andrews Air Force Base, kicking off the day that will culminate with President-elect Joe Biden taking office.

What's next: The inaugural celebration for young Americans is being livestreamed, starting at 10am.

Dion Rabouin, author of Markets
59 mins ago - Economy & Business

Janet Yellen said all the right things to reassure the markets

Illustration: Aïda Amer/Axios

Treasury Secretary nominee and former Fed chair Janet Yellen's confirmation hearing before the Senate Finance Committee on Tuesday showed markets just what they can expect from the administration of President-elect Joe Biden: more of what they got under President Trump — at least for now.

What it means: Investors and big companies reaped the benefits of ultralow U.S. interest rates and low taxes for most of Trump's term as well as significant increases in government spending, even before the coronavirus pandemic.