We’re growing, but we can’t generate jobs,” KPMG chief economist Diane Swonk told Fortune. “Never seen anything like it.”

The November Job Openings and Labor Turnover Survey, released Wednesday by the Bureau of Labor Statistics, showed job openings fell to a more-than-one-year low in November. Layoffs also fell, signaling a continuation of the low fire, low-hire situation.

The JOLTS report showed the number of vacancies per unemployed worker, a ratio Fed officials watch closely as a proxy of the balance between labor demand and supply, fell to 0.9 — the lowest since March 2021. At its peak in 2022, the ratio was 2 to 1.

Forecasters believe U.S. employment numbers expanded modestly in December, extending a streak of labor market weakness that has prompted the Federal Reserve to cut interest rates several times.

Companies and experts are setting warning signs about the coming labor market. So are jobs statistics. People looking for jobs should prepare appropriately.

Official labor market data released next week is expected to show a continued slowdown in the job market. Economists expect the November nonfarm payrolls report to show that the US economy added 40,000 jobs for the month, significantly less than in September.

The economy in 2025 was filled with contradictions, as growth was healthy while hiring slowed, inflation stayed elevated and unemployment rose.

It’s been a painful year for Oregon workers. The state’s employers reported nearly 9,000 mass layoffs during 2025. That’s an extraordinary number by historical standards, topping the pace of job cuts during the worst days of the Great Recession.

The most resilient and meaningful careers of tomorrow may not be behind screens at all; they may be on, above and under the water.”

Job listings in the U.S. decreased more than expected in November to a four-year low, according to federal data released Wednesday, as concerns about a cooling labor market have persisted into the new year.