Job openings fell in November, raising concerns about Fed policy.

Job openings dropped to 7.15 million in November and hiring fell to 5.1 million, the Labor Department reported.

Job openings unexpectedly fell in November to 7.15 million, the Labor Department reported. Hiring also slowed in the month. The decline was larger than economists had forecast and followed a downward revision to October's openings. The result has renewed discussion about whether the Federal Reserve kept policy too restrictive for too long. Key details: - Job openings were 7.15 million at the end of November, down from a revised 7.45 million in October. - Hiring fell from 5.4 million to 5.1 million in November. - Quits rose while layoffs and discharges fell to a six-month low; openings declined in leisure and hospitality, transportation and warehousing, wholesale trade, and social assistance and health care, while construction openings increased by about 90,000. - Some Fed officials have said policy may now be less restrictive after three rate cuts late in 2025, and market participants currently expect the Fed to pause further moves while it watches the effects. Summary: The drop in job openings and slower hiring point to a moderation in parts of the labor market and have prompted renewed debate about the timing of the Fed's policy moves. Markets appear set to pause further rate changes while officials and investors assess the impact of the recent cuts.