Job openings recorded in November totaled 7.15 million, marking the lowest level in over a year.

(The 3-month moving average showed little change, at 7.42 million.)

In November, there were 0.91 job openings for every unemployed person, the lowest ratio since March 2021!

Regarding private sector employment, hiring rates remain low, but layoff rates remain low as well:

• The vacancy rate in November declined slightly to 4.5%, matching the cycle low.

• The hiring rate in November declined slightly to 3.5%, matching the cycle low.

• The quit rate rose slightly by 0.1 percentage point to 2.2% (a slight increase from the cycle low)

• The layoff rate declined slightly by 0.1 percentage point to 1.2% (a slight decrease from the cycle high)