The U.S. job market is caught in a state of friction, with a growing number of job openings failing to translate into new hires as employers stall in their decision-making, according to a new report from talent acquisition company iCIMS.

The iCIMS November 2025 Workforce Report reveals a growing “mismatch” that is causing frustration for candidates, who are beginning to pull back from the market.

According to the data, overall job openings climbed 4% year-over-year, reaching a 12-month high. However, this increase in demand has not led to more jobs. Actual hires have declined 5% since October 2024.

This slowdown appears to be taking a toll on job seekers. While applications are still up 9% compared to last year, they dropped 7% between September and October, signaling that candidate interest may be “cooling” amid market uncertainty.

“More openings, slower hiring rate. That mismatch won’t last,” said Trent Cotton, head of talent acquisition insights at iCIMS, in a statement. “Frustrated candidates drop off fast, so the firms that cut red tape and move top talent through quickly will own the market.”

The manufacturing sector exemplifies this trend, the report notes. Despite a 14% year-over-year surge in job openings and a 12% rise in applications, actual hiring in the sector fell by 7%.

Time-to-fill, a key measure of hiring speed, increased in manufacturing from 40 to 42 days. The report suggests this slowdown is a matter of “process friction, not pipeline scarcity,” as the number of applicants per opening in the sector rose from 41 to 47 year-over-year.

The report also suggests that manufacturers may be benefiting from recent tech-sector layoffs. Applications for computer and math-related roles in manufacturing grew 27%, while architecture and engineering roles saw a 24% rise in applicants.