U.S. job openings unexpectedly increased in November while hiring softened, suggesting the labor market continued to slow at a pace that probably does not require the Federal Reserve to be in a rush to cut interest rates.

U.S. job openings rose unexpectedly in November, showing companies are still looking for workers even as the labor market has cooled overall

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.