Companies are outlining plans for 2026. Hiring isn’t one of them.

Companies haven’t been in the hiring mood for months. The unemployment rate rose to 4.6% in November, its highest in four years. While the U.S. added jobs in fields such as healthcare and education in 2025, signs are growing that the white-collar labor market is now seizing up. A range of prominent employers such as Amazon.com, Verizon, Target and United Parcel Service have cut white-collar roles in recent months, adding to the unease among workers.