A live job is an open job that you are actively hiring for.

A live job can be advertised across multiple recruitment channels such as job boards, social media and your careers page.
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A job can still be live even if it is not advertised. You can continue to progress candidates in the hiring flow when a job is live but not advertised on job boards and other recruiting channels.

Once a job is closed it is automatically removed from job boards and other recruiting channels and you can no longer move candidates to different stages in the hiring flow.