Job Openings Drop in November

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Job Openings Drop in November

In its latest Job Openings and Labor Turnover Summary, the U.S. Bureau of Labor Statistics reported that the number of job openings decreased to 10.6 million in November 2021, down from 11 million in October 2021. The number of hires remained virtually unchanged at 6.7 million. 

The accommodation and food services industry saw the biggest decrease in job openings, down 261,000, while construction and nondurable goods manufacturing also had large decreases. The organization reported that employers added 199,000 jobs in December, down from 249,000 in November. The unemployment rate fell to 3.9 percent, from 4.2 percent.

The National Association of Home Builders (NAHB) reported strong year-over-year gains for construction job openings. Construction job openings were down to 345,000 in November 2021 after reaching the highest number in the history of the date series at 445,000. Even though hiring slowed at the beginning of the year, job gains increased during the second half of the year. 

NAHB predicts that construction jobs openings will continue to increase as residential and nonresidential construction sectors trend higher and the demand for workers increases. Attracting skilled labor will be key for construction firms to compete as the demand for construction continues.