US Edition
The 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 pressured the labor market. Laura Ullrich, director of economic research in North America at the Indeed Hiring Lab, noted the decline is concerning given these regional impacts.
- Worker confidence has stalled, with voluntary quits falling to 2.97 million in February, the lowest level since 2020. This decline in "churn" reflects pessimism about job prospects as businesses face rising input costs.
- A March report from the University of Michigan revealed consumer sentiment dropped 6 percent from last year, reaching its lowest level of 2026. 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 warned earlier this month that "zero-employment growth equilibrium" carries downside risk. The Federal Reserve is set to announce its next interest rate decision in late April.
13 Articles
13 Articles
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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