WASHINGTON — In a surprising turn of events, job openings in the United States surged in November, suggesting that businesses continue to seek additional workers despite a general cooling of the labor market. According to the Labor Department, job openings rose to 8.1 million in November, the highest figure since February, compared to 7.8 million in October. Although this represents a decrease from the 8.9 million openings recorded a year ago and a peak of 12.2 million in March 2022, the current figure remains above pre-pandemic levels.

Economists had anticipated a slight decline in job openings for November. Additionally, there was a minor increase in layoffs during the same period, and the number of resignations fell, indicating a decline in workers’ confidence regarding their ability to secure better employment opportunities elsewhere.

Job openings saw increases in sectors such as professional and business services—which encompasses various managerial and technical roles—as well as in finance and insurance. Conversely, the information sector, which covers fields like publishing and telecommunications, experienced a decline in openings.

Since the hyperactive hiring period of 2021 to 2023, the American labor market has cooled down significantly. The average monthly job additions for 2024 through November totaled 180,000, a decrease from last year’s average of 251,000, which was also lower than the 377,000 jobs added in 2022 and the record 604,000 in 2021.

Anticipations for the December job report, set to be released on Friday, estimate that companies, government bodies, and nonprofits added nearly 157,000 jobs last month, with the unemployment rate remaining steady at a low 4.2%. The job growth numbers exhibited volatility throughout the fall; for instance, job growth was stunted in October due to hurricanes and a strike at Boeing, resulting in just 36,000 additions. However, as the strike ended in November, payrolls rebounded to 227,000.

The Federal Reserve is closely observing the labor market for insights into inflation trends. Rapid hiring could lead to increased wages and a rise in prices, whereas signs of weakness might suggest a need for economic stimulation through lower interest rates.

In response to inflation levels that reached a 40-year high two and a half years ago, the Fed increased its benchmark interest rate 11 times across 2022 and 2023. As inflation decreased from 9.1% in mid-2022 to 2.7% in November, the Fed began to lower rates. However, progress has stagnated recently, and the year-over-year consumer price increase remains above the Fed’s 2% target.

During its December meeting, the Fed implemented its third interest rate cut of 2024. Nonetheless, officials hinted at a more cautious approach to future cuts, projecting only two rate reductions in 2025 as opposed to the four they had anticipated in September.

Concerns have also been raised about President-elect Donald Trump’s proposed policies, including tariffs on foreign goods and potential deportation of undocumented immigrant workers, which some economists fear could lead to higher prices.

“Although job openings are on the rise, hiring is slowing down, employees appear less willing to leave their jobs, and layoff levels are relatively low,” stated Robert Frick, economist at the Navy Federal Credit Union. “It feels like a wait-and-see scenario, as both employers and employees are on standby regarding the forthcoming administration’s policies.”