The total number of job openings rose 101,000 to 9.026 million in December after an upward revision to 8.925 million in November. The level of job openings is above the 8.70 million consensus in the Econoday survey of forecasters.

Although the number of job openings is well below the 11.234 million in December 2022, the current reading points to a mild increase in the past two months. While off the record highs in 2022, in the historical context, job openings remain plentiful. The job openings rate was at 2.2 percent in both December and November which compares with 2.6 in December 2022.

Job openings in private industries rose 99,000 to 8.010 in December and reflected broad gains. Job openings in government gained 2,000 to 1.016 million and were restrained by declines of 25,000 in state and local education.

The level of hiring rose 67,000 in December to 5.621 million after an upward revision to 5.554 million in November. The rate of new hires was 3.6 in December after 3.5 in December, but lower than 4.0 in December 2022. Most new hires were in government at 49,000 with strong gains of 44,000 at the state and local level. Private industry hires rose 17,000 in December with modest gains in most categories nearly offset by a decline of 115,000 in education and health services.

Total separations fell 36,000 to 5.365 million in December after an upward revision to 5.401 million in November. The rate of separations was unchanged at 3.4 in December from November, and down from 3.8 in December 2022. Separations were down 52,000 in private industries while government separations rose 17,000, mainly reflecting 20,000 separations at the state and local level.

The number of people voluntarily quitting their jobs fell 132,000 to 3.392 million in December after an upward revision to 3.524 million in November. The quits rate is unchanged at 2.2 in December from November and below 2.6 in December 2022 (quits are a subset of total separations). The decline of 135,000 in private industries suggests much less churn in the labor market, although it remains competitive for workers with the right experience and skills. Government job quits rose only 2,000 in December.

Layoff and discharge activity was up 85,000 in December to 1.616 million after 1.531 million in November. The rate of layoffs and discharges was 1.0 in December, unchanged in recent months. Private industry layoffs rose 68,000 and government up 17,000. Layoffs and discharges were generally spread across industries but a 69,000 increase in professional and business services and 43,000 in transportation, warehousing, and utilities accounted for the bulk of it.

Even though fewer workers are risking changing jobs and layoff activity is up a bit, nonetheless Fed policymakers are likely to continue to characterize the labor market as tight when the FOMC meets on January 30-31.

November's 8.790 million was just above Econoday's consensus but below October's 8.852 million. The consensus for December is a 90,000 drop to 8.70 million.

The Labor Department's JOLTS report tracks monthly change in job openings and offers rates on hiring and quits. The reporting period lags other employment data including the employment situation report. The word JOLTS stands for Job Openings and Labor Turnover Survey.

Although lagging the release timing of the employment situation report by a month, JOLTS provides additional information on the labor market. The payroll survey in the employment situation report provides numbers on net job changes. JOLTS breaks down labor market data into pre-net changes such as job openings, hires, and separations.