Too many job seekers, not enough jobs

By Jessica Dickler, CNNMoney.com staff writer


NEW YORK (CNNMoney.com) -- In another sign that the labor market is not out of the woods yet, the number of job openings fell again in November, according to a government report released Tuesday.

With 15.3 million people out of work and employers hesitant to hire, job seekers still outnumber openings by more than six to one, the greatest differential since the Labor Department began tracking job openings in December 2000.

Job openings: There were 2.4 million job openings in November, down slightly from 2.5 million in October, and 27% fewer than a year ago, according to the latest Job Openings and Labor Turnover survey from the Bureau of Labor Statistics.

The job openings rate, an indicator that compares the nation's job openings to the number of jobs and openings overall, also fell modestly to 1.8% from 1.9% in the previous month.

Compared to other industries, the number of job openings as a percentage of total employment was greatest in the professional and business services and education and health services industries, according to the report. By comparison, the job openings rate was weakest in manufacturing.

Hiring: Employers are still cautious about adding workers, as the pace of hiring remains near its low since the Labor Department began tracking hiring nearly 10 years ago.

The survey showed that employers across the board hired just over 4 million workers during the month, up just slightly from the month earlier.

Hiring has been strongest in the construction, leisure and hospitality sectors in recent months, which have seen hiring rates of 5.5% and 5.6% respectively, according to the report. By comparison, the government hiring rate was only 1.3% in November.

Still, construction, leisure and hospitality experienced enormous job losses overall last year, while government jobs have largely held steady.

Separations: The number of total separations, or turnover, was little changed in November from the previous month.

The report showed that layoffs in November were down from the month before, and the same period a year ago, but the percentage of workers quitting jobs remained low, indicating that people are still nervous about changing jobs in the current market.

The Job Openings and Labor Turnover survey is based on November data. More recently, the Labor Department's December jobs report dealt another blow to the overall jobs picture, showing that employers slashed an additional 85,000 jobs last month and the unemployment rate stayed at 10%. To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 17,356.87 288.00 1.69%
Nasdaq 4,644.31 96.48 2.12%
S&P 500 2,012.89 40.15 2.04%
Treasuries 2.15 0.08 3.72%
Data as of 6:32am ET
Company Price Change % Change
Bank of America Corp... 17.26 0.54 3.23%
General Electric Co 24.43 0.00 0.00%
Apple Inc 109.41 2.66 2.50%
Cisco Systems Inc 26.81 0.22 0.85%
Microsoft Corp 45.74 0.58 1.28%
Data as of Dec 17

Sections

That number will likely grow as the Obama Administration eases restrictions with the Communist country. More

That number will likely grow as the Obama Administration eases restrictions with the Communist country. More

Laurie Segall sits down with Reddit founder Alexis Ohanian and founder of AeroFS, Yuri Sagalov, to discuss how immigration reform could bring more skilled tech workers to the U.S. More

News startup The Skimm announced a new round of funding, 1 million active readers, and plans to expand into a 'lifestyle brand.' More

Congress waited until the last minute to decide what to do with a slew of expired tax breaks. They extended most of them, and a handful will affect individuals directly. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.