Employers are showing the least appetite for bringing on new workers in years. Companies have slowed down hiring and fewer workers are quitting voluntarily, resulting in limited job opportunities for job seekers.
The hiring rate, at 3.4% of total employment, is the lowest since March 2020, indicating a freeze-up in the job market with employers being reluctant to hire new workers.
The layoff and discharge rate is at a record low of 0.9%, benefiting those already employed. Workers looking for new jobs are facing reduced opportunities, while those employed have a sense of security.
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