The U.S. Labor Department’s job openings report may have overlooked a recent upturn in layoffs, according to new research from Goldman Sachs.
Goldman economist Manuel Abecasis stated in a report that available job openings in the United States have declined by a large margin without a boost to the official unemployment rate.
Abecasis says that data from advance layoff notices, which is not reflected in the Labor Department’s layoff rate numbers, suggests more people have lost their jobs over the past few months than is being reflected in official records.
The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) reports that the layoff rate was 0.9 percent as of the last day of November 2022, which corresponds to 1.35 million lost jobs….