Hiring Plummets to Lowest Since 2011 Amid Economic Woes
Recent data reveals a significant cooling in the US labor market, with businesses hiring at their slowest pace in 15 years, excluding the initial pandemic period. The hires rate dropped to 3.1% at the end of February, the lowest since April 2020, and a steeper decline than seen outside the pandemic since 2016. This slowdown, coupled with a dip in job openings and a decrease in voluntary quits, suggests a near halt in the “churn” necessary for a healthy economy, even before the Middle East conflict’s potential impacts. Concerns are amplified by the conflict’s effects on input costs, potentially forcing companies to consider price hikes or workforce reductions.
John Q. Hosedrinker