November job openings are down 54,000 to 10.458 million after an upwardly revised 10.512 million in October. The level is above the consensus of 10.1 million in November in the Econoday survey. Although job openings are trending lower, albeit unevenly, the level remains high in the historical context. The job openings rate remains at 6.4 percent in November from October.

The level of new hires is down 56,000 to 6.055 million in November after 6.111 million in October. The decline is fairly small. It suggests what while conditions in the labor market are somewhat easier than they have been, businesses are hiring cautiously and/or continue to have trouble finding qualified applicants. The hiring rate is down a tenth to 3.9 percent in November, its lowest since 3.5 and 3.1 percent in March and April 2020, respectively, at the start of the pandemic. The reading matches the 3.9 percent in January 2020 and suggests hiring is more in line with pre-pandemic activity.

The level of separations is up 114,000 in November to 5.870 million after 5.756 million in October. However, the number of quits a subset of separations is up 126,000 in November to 4.173 million after 4.047 million in October. The number of workers voluntarily leaving one job for another remains quite elevated and points to a still enticing job market for many people seeking higher wages, better benefits, and/or flexible schedules or work-from-home arrangements. The separations rate is unchanged at 3.8 percent in November while the quits rate is up a tenth to 2.7 percent.

At least through November, labor market conditions reflected plentiful job openings, little change in the pace of hiring, and job separations that were more due to churn in the labor market rather than workers losing their jobs.

Job openings, which have been on the decline since August, are expected to ease to 10.1 million in November versus 10.334 million in October.

The Labor Department's JOLTS report tracks monthly change in job openings and offers rates on hiring and quits. The reporting period lags other employment data including the employment situation report. The word JOLTS stands for Job Openings and Labor Turnover Survey.

Although lagging the release timing of the employment situation report by a month, JOLTS provides additional information on the labor market. The payroll survey in the employment situation report provides numbers on net job changes. JOLTS breaks down labor market data into pre-net changes such as job openings, hires, and separations.