U.S. job openings rise to 6-month high in November, Fed lowers expectations for rate cuts this year

According to Jinshi, U.S. job openings rose to a six-month high in November, driven by a sharp increase in the business services industry, while other industries had more mixed needs for employees.

The U.S. Bureau of Labor Statistics released the Job Openings and Labor Turnover Survey (JOLTS) on Tuesday, showing that vacancies increased to 8.1 million from an upwardly revised 7.8 million in October, exceeding all analysts' expectations. The growth was almost entirely driven by professional and business services, as well as finance and insurance.

The latest job openings figures indicate that the nearly three-year downward trend has eased. The job market now appears to be more solid, while inflation has also been stubborn in recent months, reducing expectations that the Federal Reserve will cut interest rates this year.

After the data was released, traders no longer fully digested bets that the Federal Reserve will cut interest rates before July.