The number of job openings in the United States reached a record high of 7.3 million on the last business day of December 2018, the U.S. Department of Labor said Tuesday.

The latest data showed that the job opening rate was 4.7 percent in December, 0.3 percent higher than the previous month.

Data also showed that the number of hires was little changed at 5.9 million and the hiring rate was 3.9 percent.

The number of total separations was also little changed at 5.5 million, that is, a 3.7 percent. Total separations, referring to as turnover, includes quits, layoffs and discharges, and other separations.

Hires and separations occur every month throughout the business cycle. When the number of hires exceeds the number of separations, employment rises, even if the hiring level is steady or declining.

Conversely, when the number of hires is less than the number of separations, employment declines, even if the hiring level is steady or rising.

Over the 12 months ending in December 2018, hires totaled 68.5 million and separations 65.9 million, yielding a net employment gain of 2.6 million.

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