Job openings drop to 2nd-lowest level in 5 years in November

Job Market Overview - U.S. employers posted 7.1 million open jobs at the end of November, down from 7.4 million in October, indicating a slowdown in hiring despite economic growth [1] - The job market is characterized as a "low-hire, low-fire" environment, providing job security for current workers but making it difficult for unemployed individuals to find new jobs [2] - The number of job postings in November was the lowest in nearly five years, with significant declines in shipping, warehousing, restaurants, hotels, and state and local government sectors [4] Economic Growth and Job Dynamics - Economic growth was solid, exceeding 4% at an annual rate in the July-September quarter, but forecasts suggest a slowdown in the final three months of 2025 [2] - A key question remains whether hiring will increase to match economic growth or if sluggish job gains will negatively impact the economy [3] - Automation and artificial intelligence may allow for continued economic growth without a corresponding increase in job creation [3] Job Quits and Payroll Data - The number of Americans who quit their jobs increased to 3.16 million in November, up from just under 3 million in October, indicating some level of worker confidence [5] - Payroll provider ADP reported that businesses added 41,000 jobs in December, recovering from a loss of 29,000 jobs in November [7] - Small firms added 9,000 jobs in December, showing a positive trend after previous job losses, despite challenges from tariffs [7] Labor Market Insights - The ADP report indicates that the labor market is not in a severe decline, with some job growth observed and no significant increase in layoffs [8] - Bank of America Institute noted a 0.6% increase in job gains in December compared to the previous year, up from 0.2% in November, suggesting a potential recovery in hiring [8][9]