""It's a brutal job market. To see that 3.1% hiring rate, the lowest since April 2020, underscores how little hiring is going on.""
""Aside from the 2020 dip, the hires level has not been this low since 2014, when the labor market was still rebuilding after the Great Recession.""
""We can probably attribute 50 to 60% to just kind of the one-offs, but there's something fundamental at play too.""
The Bureau of Labor Statistics reported a hiring rate of 3.1% in February, the lowest since April 2020, with 4.8 million hires. Job openings decreased to 6.9 million, and the quits rate remained at 1.9%. Layoffs stayed at 1.1%, and retirements approached record lows. Economists describe the current job market as 'locked-out' for new hires due to stalled hiring and delayed retirements. Bad weather also contributed to the decline in hiring, particularly in construction and accommodation/food services.
Read at Fortune
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