Job Market Cools Down: What's Happening in the US?

The US job market is showing signs of slowing down. In November, the number of job openings dropped to its lowest point in over a year. There were about 7. 15 million job openings, down from 7. 45 million in October. This is a clear sign that employers are not as eager to hire as they were before. Most industries saw a decrease in job openings, except for retail and construction. Hiring also slowed down, with only 5. 12 million new hires in November, compared to 5. 37 million in October. This is the lowest number of hires since June 2024. Only a few industries saw any growth in November. Information, federal government, and construction added a small number of jobs. The hiring rate also fell to 3. 2%, which is the lowest it has been in over a decade, not counting the pandemic. On a positive note, fewer people were laid off in November, and more workers quit their jobs. This could mean that workers are feeling more confident about finding new jobs.The job market has been slow for a while now. It's not a time of high hiring or high firing. It's more of a stagnant period. This trend is expected to continue, with economists predicting only about 55, 000 new jobs in December. In other news, private-sector hiring rebounded in December after a drop in November. Health care, education, and leisure and hospitality sectors saw the most job gains. However, professional and business services, as well as the information sector, saw job losses. The job market seems to be split, with higher-income consumers driving spending in certain sectors. Small businesses also saw a recovery in hiring, unlike large employers who pulled back. Wage growth for people who stayed in their jobs remained steady at 4. 4%, while those who changed jobs saw their wages increase by 6. 6%, up from 6. 3%.