The U.S. job market just crossed an uncomfortable milestone. Job openings fell to 7.15 million in November, down from 7.45 million the prior month and marking the lowest level since September 2024, according to the latest data from Bureau of Labor Statistics.
The decline came in below every economist estimate surveyed by Bloomberg, signaling that labor demand is cooling faster than expected.
Fewer “Help Wanted” Signs
The pullback in job openings was broad-based, with the sharpest declines showing up in leisure and hospitality, health care and social assistance, and transportation and warehousing. Those sectors had been key drivers of hiring during the post-pandemic recovery, making their slowdown particularly notable.
Only a handful of industries moved in the opposite direction. Construction and retail were among the few areas that actually added job openings, offering limited bright spots in an otherwise softer report.
Hiring Slows, Layoffs Stay Muted
Hiring activity eased again in November, reinforcing a trend that’s been building for much of the past year. At the same time, layoffs dropped to a six-month low, extending what economists often describe as a “hire less, fire less” labor market.
Companies aren’t aggressively cutting workers, but they’re also not eager to expand payrolls, creating a stagnant environment where movement is increasingly difficult.
Why Job Hunting Feels Harder
That combination is bad news for job seekers. With fewer openings and slower hiring, competition for available roles is intensifying, making it tougher for both job switchers and first-time applicants to land positions.
In short, the labor market isn’t collapsing, but it’s quietly tightening. And for millions of Americans looking for work, that subtle shift is starting to feel very real.