U.S. job openings rose unexpectedly in November, showing companies are still looking for workers even as the labor market has cooled overall. Openings rose to 8.1 million in November, the most since February and up from 7.

"There is no signal here of any sudden collapse of the labor market here or imminent recession," said Carl Weinberg, chief economist at High Frequency Economics. "Instead, these data signal the economy is nearing full employment, not moving away from it. The Fed will find no cause to rush to cut rates, the labor market does not need it."

President-elect Donald Trump is inheriting low unemployment after several years of strong postpandemic hiring, but he’s also confronting a weakening labor market in which fewer jobs are available and fewer companies are adding workers.