Job openings declined again in November, signaling further cooling in the U.S. labor market as unemployed workers began to outnumber available jobs for the first time in four years.
According to data released Wednesday by the Bureau of Labor Statistics, employers reported 7.1 million job openings in November, down from 7.4 million in October and well below the 7.6 million economists had expected, based on a survey by Dow Jones Newswires and The Wall Street Journal. The ratio of job openings to unemployed workers fell to 0.9, slipping below one-to-one for the first time since 2021.
The Job Openings and Labor Turnover Survey adds to recent evidence of a slowing labor market. A separate report last month showed the unemployment rate rising to a four-year high as hiring softened. Economists cite uncertainty around tariffs, immigration policy under President Donald Trump, and increased use of artificial intelligence as factors weighing on employment growth.
“Today’s report is another sign that the labor market lacks momentum but isn’t collapsing,” said Ali Jaffery of CIBC. While hiring has slowed, companies remain hesitant to lay off workers.
The data will be closely watched by policymakers at the Federal Reserve ahead of their upcoming meeting, following three consecutive interest-rate cuts aimed at preventing a sharper rise in unemployment.