US EditionThe pace of hiring just fell to the lowest since 2011, outside of the pandemic
Hiring rate dropped to 3.1%, the lowest since 2011, driven by fewer job openings, reduced voluntary quits, and economic uncertainty linked to the Middle East conflict, officials said.
- On Tuesday, the U.S. Bureau of Labor Statistics reported the hiring rate fell to 3.1% in February, the lowest level since 2011, with total hires dropping to 4.8 million people.
- Rising energy costs and uncertainty stemming from the ongoing conflict in Iran have compounded the labor market slump, with Laura Ullrich, director of economic research in North America at the Indeed Hiring Lab, noting the decline is concerning.
- Voluntary quits fell to 2.97 million in February, marking the lowest level since 2020. The all-important 'churn' needed for a healthy labor market has ground to a near-halt.
- A March report from the University of Michigan revealed consumer sentiment dropped 6 percent from last year. Economist Heather Boushey, a professor at the University of Pennsylvania, attributed the decline to President Donald Trump's second-term policies.
- Federal Reserve Chair Jerome Powell recently warned that the current 'zero-employment growth equilibrium' carries significant downside risk. The Federal Reserve is set to announce its next interest rate decision in late April.
15 Articles
15 Articles
'The lowest since April 2020': Americans are watching the job market crumble while Trump wastes billions in war
US businesses are adding workers at the weakest pace in 15 years, not counting the early days of the pandemic. New data released shows a serious slowdown in the labor market, and this is happening even before the full economic impact of the Middle East conflict has hit the country. According to CNN, the share of hires as a percentage of total employment dropped to 3.1% at the end of February. According to the latest Job Openings and Labor Turnov…
By Alicia Wallace, CNN - US companies are adding workers at their weakest pace in 15 years, excluding the start of the pandemic, according to new data released Tuesday, a sign that an even deeper cooling was already underway in the labor market before the conflict in the Middle East threatened to roil the US economy. Hiring as a percentage of total employment fell to 3.1% at the end of February, the lowest rate since April 2020 and, before that,…
The pace of hiring just fell to the lowest since 2011, outside of the pandemic
US businesses are adding workers at the weakest pace in 15 years, excluding the onset of the pandemic, new data showed Tuesday, a sign that there was an even deeper chill cutting through the labor market before the Middle East conflict threatened to shake the US economy.
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