Job openings fell to about 7.1 million in November as hiring remained sluggish, while layoffs stayed low and analysts call the market 'low-hire, low-fire'.
• Job openings fell to about 7.1 million in November, down from roughly 7.4 million. • Hires remained near 5.1 million while layoffs stayed historically low. • ADP reported modest December job gains (about 41,000), offering limited pickup signs.
Employers' view: Firms cite policy uncertainty, tariffs and technology as reasons to delay hiring and avoid big payroll commitments. Workers' view: Low layoffs give current employees greater job security and bargaining power, but fewer openings make finding new positions harder for jobseekers. Economists' view: The market is "low-hire, low-fire," leaving policymakers to weigh whether cooling labor demand will slow overall growth or reflect structural shifts like automation.
The Bureau of Labor Statistics' JOLTS report showed job openings around 7.1 million in November, down from about 7.4 million in October and representing a notable decline year-over-year; the openings rate slipped to roughly 4.3% while hires and separations were around 5.1 million and layoffs fell to historically low levels (layoff rate about 1.1%). [1] The Associated Press coverage of the same data described November's postings as the fewest since September 2024 and among the lowest in nearly five years, noting sectoral declines in shipping and warehousing, hospitality, and government even as openings rose in retail and construction. [2] Media summaries and market write-ups also pointed out that the November number came in below forecasters' expectations (Bloomberg/Dow Jones consensus near 7.6 million), with some reports noting the figure as roughly 7.15 million and a jobs-openings-to-unemployed ratio slipping below one. [3] Economists and analysts characterized the pattern as a "low-hire, low-fire" labor market: workers retain near-record job security because layoffs are low, while employers remain cautious about expanding payrolls amid policy uncertainty, tariffs and technological disruption such as artificial intelligence. [1] Payroll processor ADP's separate report showed modest job growth in December (about 41,000 private-sector jobs), offering a possible but limited sign of pickup after November's weakness, and private data (Bank of America Institute) also suggested some improvement in December hiring. [2][3] JOLTS detail shows variation across industries and firm sizes, reinforcing that the slowdown is uneven and that revisions to prior months' data also lowered earlier vacancy counts. [1][3] The data point to a labor market that is cooling but not collapsing: lower openings and subdued hiring could constrain wage and income growth if sustained, even as low layoffs support existing workers' security. Policymakers and markets will watch upcoming monthly payroll reports and further ADP/private-paycheck indicators for confirmation of whether hiring reaccelerates to match broader economic growth or whether structural factors (automation, policy headwinds) keep labor demand muted. [2][1][3]