The job vacancies in November totaled 7.15 million, the lowest level in over a year.

(The three-month moving average change is minimal, at 7.42 million.)

In November, there were 0.91 job vacancies per unemployed person, the lowest unemployment rate since March 2021!

For private sector employment, the hiring rate is relatively low, but the layoff rate remains low:

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

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

• The quit rate slightly increased by 0.1 percentage points to 2.2% (recovering from the cycle low)

• The layoff rate slightly decreased by 0.1 percentage points to 1.2% (falling back from the cycle high)