Fewer Americans quit their jobs last year, a potentially ominous sign for the economy, The Wall Street Journal reported. On the other hand, the number of U.S. job openings unexpectedly rose in December, Bloomberg reported. 

Americans quit 6.1 million fewer jobs last year than in 2022, a decline of 12 percent, according to the U.S. Department of Labor Bureau of Labor Statistics. In December, resignations fell to the lowest monthly level in nearly three years, after adjusting for seasonal fluctuations. That could portend falling confidence in the labor market, as the U.S. economy is expected to slow down, and Americans are taking longer to find new jobs.

It is also a contrast with the hiring surges of 2021 an 2022, coupled with news of layoffs, smaller pay increases and less hiring in certain industries. On the other hand, however, job growth has been consistent for years, and the current unemployment rate is a low 3.7 percent.

Based on the same Bureau of Labor Statistics report, Bloomberg also reported that while fewer Americans quit their jobs, U.S. job openings unexpectedly rose in December to the highest level in three months. 

The Journal and Bloomberg generally present differing perspectives based on the jobs report.

“On the surface, things look really good and robust, but when you dig deeper, it’s a labor market that is being driven by a narrower set of industries and is showing signs of substantial slowing,” Brett Ryan, senior U.S. economist at Deutsche Bank, told the Journal. Just three industries, leisure and hospitality, government and healthcare, accounted for the bulk of job creation in 2023.

The Journal also reported that fewer resignations could mean tha tworkers are less confident in their ability to find a new job or more content in their current roles. It cited a recent LinkedIn survey that found that while most workers are thinking about changing jobs this year, many are not finding opportunities.

But Bloomberg reported that the Bureau of Labor Statistics report highlights what has been a gradually moderating labor market, and said that the trend has been uneven along the way. Although the increase in openings highlights continued demand for workers that has kept the economy out of recession, the declining number of resignations indicates that employees are increasingly clinging to their jobs. The advance in openings was mainly concentrated in professional and business services, Bloomberg reported, which registered the biggest increase in four months. Education and health services as well as manufacturing also saw a pickup in postings.

The Journal provided the example of store-service manager Edward Barnett of Phoenix, 33, who, was laid off from a managerial role at a kitchen-operations company in May. He took a job at a large retailer because he needed an income and, while the job pays $5,000 a year more than at his previous job, he found the work to be unsatisfying.

He told the Journal that he has sent out hundreds of applications through online job sites but hasn’t found a better job so far. “The pay is a step up but the work is a step down,” he said. “It’s not where my passions are.”

There were 9 million open jobs in December, down from 11.2 million a year before, but up from the 6.7 million open roles in December 2019, the Journal reported. There are about 1.4 open jobs for every unemployed person. Bloomberg noted that the December figure exceeded all estimates in a Bloomberg survey of economists.

Bloomberg reported that the labor report marks the beginning of a slew of releases that will offer insights into the state of the job market heading into the new year. A report due Jan. 31 is expected to point to easing employment costs at the end of 2023, while a government’s jobs report due on Feb. 2 is projected to show that U.S. employers added around 185,000 positions in January.