JOLTS job openings for November 7.146M vs 7.600M estimate.

• Prior month revised: Job openings 7.449M (revised down -221K from 7.670M)

• JOLTS job openings: 7.145M, that is down -885K YoY

• Job openings rate: 4.3%, little changed

• November hires were little changed, holding at 5.1M

• The hires rate remained steady at 3.2%

• Hires decreased in:

  • State & local government ex-education (-39K)

  • State & local government education (-31K)

• Hires increased in:

  • Federal government (+11K)

• No significant hiring shifts occurred across most major industries

• In November, total separations were unchanged at 5.1M with a 3.2% rate

• Total separations decreased in:

  • State & local government ex-education (-27K)

• Quits were little changed at 3.2M with a 2.0% rate

• Quits increased in:

  • Accommodation & food services (+208K)

• Layoffs and discharges were little changed at 1.7M with a 1.1% rate

• Layoffs and discharges decreased in:

  • Accommodation & food services (-107K)

  • Health care & social assistance (-52K)

  • State & local government ex-education (-26K)

• Other separations were little changed at 232K, marking a series low

• Establishment size:

  • 1–9 employees and 5,000+ employees saw little or no change in job openings, hires, or separations

The quick takeaway:The November JOLTS report reinforces the theme of a cooling but still orderly labor market, with job openings holding at 7.146M but continuing their clear downtrend year-over-year, signaling reduced labor demand without a sharp deterioration.

Hires and total separations both stuck at 5.1M ironically underscore a labor market that is neither accelerating nor cracking (no hire/no fire). However, the quits rate at 2.0%—well below cycle highs—points to diminished worker bargaining power and less confidence in job switching.

Importantly for rates markets, layoffs remain contained and other separations hit a series low, arguing against imminent labor stress.

For traders, the data supports a “soft-landing” narrative, limiting urgency for aggressive Fed easing near term while keeping the door open for gradual policy normalization if disinflation continues—leaving USD and yields sensitive to upcoming inflation and payroll data rather than JOLTS alone.

Looking at yields:

• 2-year yield 3.465%, -0.8 basis points
• 10 year yield 4.151%, -2.7 basis points
• 30 year yield 4.837%, -2.9 basis points

This article was written by Greg Michalowski at investinglive.com.