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According to data released by the U.S. Department of Labor on Tuesday, job vacancies in December again fell to their lowest level in two years.

With the unemployment rate remaining at its lowest level in 50 years, and the end of 2019, the labor market is tightening again. The total vacancies are now 6.4 million, down from nearly 6.8 million in November. Wall Street's estimate is about 6.9 million.

Vacancies in manufacturing continued to decline, down 24% year-on-year.

Fed policy makers are paying close attention to "vacancies and labor market surveys" as an indicator of employment trends. The total number of job vacancies is 700,000 more than job applicants, a drop of almost half from a few months ago. Non-government positions are now vacant for the unemployed.

The total number of openings is over one million less than a year ago.

Declining demand in several industries over the past few months has the significantly and may signal that the job market is nearing its peak.

Chris Rupkey, chief financial economist at MUFG United Bank, said: "Net, net, and job vacancies across the country are plummeting, and we don't want to say this looks like a recession."

Nevertheless, the overall hiring rate for the month actually increased from 3.8% to 3.9%. The separation rate increased from 3.7% to 3.8%, and the exit rate stabilized at 2.3%.

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By Rebecca French

Rebecca French writes books about Technology and smartwatches. Her books have received starred reviews in Technology Shout, Publishers Weekly, Library Journal, and Booklist. She is a New York Times and a USA Today Bestseller...