US job openings fell to 8.79 million in November from 8.85 million in October, their lowest level since March 2021, the Labor Department reported Wednesday.

Yahoo Finance Live reports on the breaking data while discussing the Federal Reserve's dual mandate of balancing employment while lowering inflation.

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Editor's note: This article was written by Luke Carberry Mogan.

Video Transcript

- We're just getting some breaking news, some fresh data on the markets here to discuss the fresh data on jobs job openings-- JOLTS job openings coming in at 8.79 million. That was lower than expected. The street was looking for 8.82 million. So maybe a bit of good news here as we're hoping to see the jobs-- the labor market cool off just a bit.

Of course, though, historically speaking, you need to put it into context because 8.79 million still well above the levels that we were seeing prepandemic. But this is the lowest number that we've seen for JOLTS here, Myles, since March of 2021.

MYLES UDLAND: Yeah, I was gonna say I remember writing about, you know, seven-something million job openings, like what a great time to find a job. But I think to your point, it really speaks to the continued trend across the labor market, across a lot of economic data of numbers still being good on an absolute basis.

But, of course, it is the rate of change. And are we seeing a slowdown in some pockets of the labor market? We just had some manufacturing data from ISM across the same time also showing continued contraction in activity there.

So overall, I think in line with the dominant theme of the US economy, which is one that remains in fair standing but showing some signs of a slowdown-- obviously, for Powell and the Fed, I think this is exactly what they're looking to see. But, you know, any time you get a since 2020, since 2021 kind of number, certainly something that people are gonna be paying attention to, something to take note of.

SEANA SMITH: Yeah, certainly and something that we were looking ahead to here in terms of what this could mean for the media reaction for equities but then, of course, coming ahead of the big jobs number on Friday and exactly what that is going to tell us in terms of the jobs that were added to the US economy in the month of December, whether or not we're going to see this deceleration that we had seen at the end of 2023 and whether or not that's gonna continue here as we look ahead to 2024. So, of course, some weakness. But then on the flip side, markets don't wanna see a labor market that's obviously falling off the cliff because then, of course, what that signals here for the US economy.

MYLES UDLAND: Well, I don't think anything about the JOLTS number falling off a cliff. We're on the cliff.

SEANA SMITH: Not at all We're nowhere near it.

MYLES UDLAND: We're staying fine. We're staying fine.