November JOLTS: The Job Market Remains Challenging

Labor Market Shows Little Movement in November

In November, available job positions declined to 7.1 million, highlighting a labor market that remains largely stagnant. Both the appetite for new hires and overall employee movement continue to be subdued. The hiring rate dropped to 3.2%, matching its lowest point in the current cycle. Although the quit rate edged up slightly from October’s revised figure, it stood at just 2.0%, keeping voluntary departures among workers close to their lowest levels in ten years.

While layoffs have not surged, the persistently low quit rate suggests that employers aiming to reduce staff may increasingly have to rely on layoffs rather than waiting for employees to leave on their own. The latest JOLTS report for November underscores these ongoing trends.