The rapid growth in the business services sector has driven the number of job vacancies in the United States to the highest level in six months in November.

In November, job vacancies in the United States rose to the highest level in six months, driven primarily by a surge in the business services sector, while demand for labor in other industries varied. According to data from the Job Openings and Labor Turnover Survey (JOLTS) released by the US Bureau of Labor Statistics on Tuesday, job vacancies increased from a revised 7.8 million in October to 8.1 million, surpassing economists' expectations. This growth was driven mainly by the professional and business services, as well as the finance and insurance industries. Meanwhile, job vacancies in accommodation and food services, as well as manufacturing, decreased. The increase in job vacancies breaks the declining trend seen over the past three years. This trend had previously raised concerns about a deteriorating labor market and served as a basis for the Federal Reserve's consecutive interest rate cuts. However, the current data indicates a more stable labor market and stubborn inflation in recent months, lowering expectations for further rate cuts by the Fed this year. Fed Chair Jerome Powell indicated at the December meeting that the labor market is cooling off "gradually and in an orderly way," and hinted that the Fed's focus has shifted back to inflation concerns. The minutes of this meeting will be released on Wednesday, potentially providing further clues on the direction of monetary policy. This report was released ahead of Friday's employment data. Markets expect a slowdown in employer hiring activity in December, but still at healthy levels, with the unemployment rate likely remaining at 4.2%. These data will provide important insights for the market to further assess the US labor market and economic trends.