Payroll employment fell 0.1% in November, with broad-based declines led by retail trade, education, and manufacturing offsetting continued strength in healthcare...

… which likely has limited runway for growth, given the drop in vacant positions over the past year.

That’s put pressure on job openings as a whole, with the vacancy rate falling to 2.6%…

… and total vacancies sitting at less than a third of job seekers, a sign that we’re still far from a healthy labour market.