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The December 2025 JOLTS report showed job openings falling to 6.5 million—the lowest level in over five years—while GDP growth remained robust. This raises a question most headlines aren't addressing: how can an economy expand its output without expanding its workforce? This video walks through the data behind what economists are calling the "low-hire, low-fire equilibrium," examining whether we're witnessing a productivity breakthrough or a structural trap that's quietly shifting power back to employers. We break down three converging forces that explain the disconnect: the 16.5% tariff environment that froze business expansion plans, immigration policy changes that reduced labor supply in key sectors, and the early-stage displacement effects of AI adoption in entry-level roles. By cross-referencing Federal Reserve projections, BLS revisions, and sector-specific vacancy data, the analysis reveals a labor market that's technically stable but fundamentally stagnant. The question isn't whether the numbers are accurate—it's whether the story they're telling matches the reality workers are experiencing on the ground. #LaborMarketAnalysis #JOLTSReport #EconomicData