Latest data from the JOLTS survey shows the number of vacant positions in the U.S. has stabilized — but hiring and turnover dynamics have shifted. With job openings holding around 7.7 million and worker mobility dwindling, the report paints a more sober picture of demand for labor. These trends matter: for wages, inflation, and crucially for how the Federal Reserve might steer its next move. Understanding JOLTS now is key to decoding where the economy — and markets — may head next.

The evolution of Job Openings Total Nonfarm (1M) from 2020

Current state of the labor market according to JOLTS (December 2025)

The latest JOLTS report, released yesterday containing data for October 2025, paints a picture of a labor market that is gradually losing its earlier strength. The number of job openings remained virtually unchanged in October at 7.7 million. Positions. By comparison, even earlier in the year, the number of vacancies was significantly higher, exceeding 11 million at the post-pandemic…