In a concerning sign for the economy under President Trump, new data shows that job openings in the United States have plummeted to their lowest level in over a year. According to the latest Job Openings and Labor Turnover Survey from the Bureau of Labor Statistics, employers posted 7.1 million open jobs in November, down from 7.4 million the previous month. What this really means is that businesses are becoming more hesitant to hire, despite continued economic growth.
A "No Hire, No Fire" Job Market
The bigger picture here is that the U.S. labor market appears to be stuck in a "no hire, no fire" state, where companies are reluctant to both add new workers and let go of existing ones. While layoffs have declined, hiring has also remained sluggish, pointing to a cautious, uncertain outlook among employers.
"The November JOLTS estimates show a notable decline in job openings and little sign of deterioration in labor market conditions," said Marc Giannoni, chief economist at Barclays. "This bolsters expectations the Federal Reserve will keep interest rates unchanged later this month."
A Warning Sign for Trump's Economy
The drop in job openings stands in stark contrast to the relatively strong economic growth the U.S. has seen lately, with GDP expanding at a 4% annual rate in the third quarter of 2025. However, economists are now questioning whether this hiring slowdown will eventually catch up to the broader economy and drag down growth.
For President Trump, whose economic record has been a key part of his political messaging, this news poses a challenge. The White House will be closely watching the next few months of hiring and job market data to see if the trend reverses - or if it's a harbinger of tougher times ahead.