Job market tumult: Is the U.S. economy staring into an unemployment abyss?

The US labor market is slowing, with job openings dropping by 556,000 to 7.6 million in December 2024, below the expected 8 million. The decline was driven by professional and business services, along with healthcare and social assistance, which saw a combined reduction of 405,000 openings, signalling a cooling employment landscape.