Executive Summary

Key insights and market outlook

The US job market showed signs of weakening in November 2025, with job openings declining by 303,000 to 7.146 million ¹

. Meanwhile, private payroll growth was lower than expected at 41,000 jobs in December 2025 ². These developments indicate a cooling labor market amid economic uncertainty.

Full Analysis

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Deep Dive Analysis

US Labor Market Shows Cooling Signs Amid Economic Uncertainty

Decline in Job Openings

The number of job openings in the United States experienced a significant decline in November 2025, dropping by 303,000 positions to 7.146 million ¹

, according to the Bureau of Labor Statistics (BLS) Job Openings and Labor Turnover Survey (JOLTS). This decrease indicates a weakening demand for labor in the US market.

Private Sector Employment Growth Slows

In related news, the growth in private payrolls during December 2025 was lower than market expectations, adding only 41,000 jobs ²

. This follows a revised decrease of 29,000 jobs in November. The ADP National Employment Report highlighted the slowdown in private sector employment growth.

Implications for the US Economy

These developments collectively signal a cooling labor market amid ongoing economic uncertainty. The decline in job openings and slower private payroll growth suggest that businesses are becoming more cautious in their hiring practices. This trend could have broader implications for economic growth and monetary policy decisions in the coming months.

References