Welcome to the job market's 'Great Freeze'

"Bundle up and hunker down. The low-fire, low-hire job market can be summed up in one phrase: the "Great Freeze." There are a lot of "lows" in the soft job market, including layoffs and unemployment. That's the good news and has been the story for over a year. However, the not-so-good news is that job openings and hires have also dropped."

"The lack of hiring and the lack of firing could have the same causes. Economists told Business Insider that the US hasn't had large-scale layoffs because even though the economy is still strong, uncertainties around tariffs and other issues mean that companies are hanging on to the talent they have while being reluctant to hire more. Are you job searching, staying put in your job, or a hiring manager who has seen the workplace change? Reach out to this reporter to share at [e-mail]."

"The low-fire, low-hire labor market has its pros and cons, including hindering potential career growth for workers but offering cost-saving measures for companies. ZipRecruiter called the recent labor market "The Great Freeze" in a new report on recent turnover and hiring outlook. "We're seeing employers and job seekers both trying to wait out any of the uncertainty," Nicole Bachaud, labor economist at ZipRecruiter, told Business Insider."

The US labor market is experiencing concurrently low hiring and low layoffs, a pattern labeled the "Great Freeze." Job openings and hires have declined even as layoffs and unemployment remain relatively low. Economic uncertainties, including tariff concerns and other risks, lead companies to retain current talent while hesitating to add headcount. That lockup reduces turnover, which can hinder professional advancement and mobility for workers while delivering short-term cost savings for employers. With few obvious near-term catalysts, the stalemate between low firing and low hiring may persist through the remainder of the year.

Read at Business Insider