The private sector job market is showing signs of cooling as we head into year-end. November brought some notable shifts in hiring dynamics worth tracking:

Vacancy rates compressed to 4.5%, now sitting at cycle lows—fewer open positions means less aggressive recruitment. Simultaneously, the hiring rate dipped to 3.5%, also hitting cycle-low territory. But here's the flip side: worker confidence is fragile. The job-quitting rate ticked up to 2.2%, suggesting employees are still looking for exits despite tightening conditions.

This combination—lower openings, slower hiring, yet persistent quits—paints a picture of a labor market in transition. For crypto and Web3 professionals, this translates to shifts in hiring appetite among traditional finance and tech firms that typically recruit from the broader talent pool. Worth monitoring how this employment slowdown might factor into broader macro sentiment.