New Jobs Data Show Only 0.67 U.S. Workers For Every Job Open

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Meanwhile, here are the major headlines from the last week:

• According to the U.S. Department of Labor, employers continue to face difficulties finding workers. There were 11 million jobs open and unfilled in October, just short of a record set in July. There were 7.4 million unemployed Americans that month, which means there were only 0.67 unemployed people for every one job opening in the U.S. economy. One million of the unfilled jobs were in the manufacturing sector. In October, 4.2 million people, including 424,000 manufacturing workers quit their jobs, a historically high number, but fewer than the number of people who left jobs in September. In other employment-related news: 184,000 people filed for U.S. unemployment benefits during the week that ended December 4. That number was down from 227,000 the week before and is now at its lowest level since September 6, 1969 when it was 182,000. The four-week moving average of first-time claims also dropped and is at its lowest level since March 7, 2020.
• The U.S. trade deficit fell to $67.12 billion in October from $81.44 billion in September and is now at a six-month low. Goods exports rose to $158.73 billion, up from $142.91 billion in September. Goods imports rose to $242.67 billion from $240.89 billion. Goods exports rose sharply for industrial supplies and materials; non-automotive capital goods; foods, feeds, and beverages; consumer goods; and automotive vehicles, parts, and engines. Read the full report here.
• Canada ran a merchandise trade surplus of $2.1 billion in October. That reading, up from $1.4 billion in September and the country’s largest monthly trade surplus in 10 years, was largely due to an increase in exports of motor vehicles and parts and energy products. Total exports expanded 6.4 percent to a record $56.2 billion.
• In other economic news: U.S. nonfarm business sector labor productivity decreased 5.2 percent in the third quarter of 2021 as output increased 1.8 percent and hours worked increased 7.4 percent; real average hourly earnings for all U.S. employees decreased 0.4 percent from October to November due to an increase of 0.3 percent in average hourly earnings combined with an increase of 0.8 percent in the Consumer Price Index. (The CPI was up 6.8 percent from November 2020 to November 2021, the fastest pace of increase since 1982. Read more here.)