The US job market is showing some cooling signs. November saw just 7.15 million job openings—a drop to the lowest level in over a year. The three-month average held relatively steady at 7.42 million, but here's what might catch traders' attention: the ratio of job vacancies to unemployed workers hit 0.91 in November, marking the weakest reading since March 2021.

What does this mean? Fewer openings relative to the available workforce suggests the labor market is tightening. This kind of shift typically feeds into broader economic narratives that affect asset prices. When employment weakens, it can influence inflation expectations and central bank policy decisions—both critical factors for crypto markets trading off macro cycles.