⚠️US companies hiring dropped to the lowest in 11 years outside the pandemic⚠️
The hiring rate FELL to 3.3% in August, matching the lowest level since 2013 excluding COVID.
The US hiring rate (the number of hires for a given month divided by employed people) dropped to 3.3% in August, matching the lowest level since 2013 excluding COVID CRISIS
The largest declines in hiring have been reported in retail trade and transportation and warehousing.
This is despite US job openings data coming at 8.040 million above 7.673 million expected.
Nevertheless, the number of available vacancies in the world’s largest economy has declined by over 4 million since March 2022.
At the same time, the US quits rate, measuring the percentage of workers voluntarily exiting their jobs declined to 1.9%, the lowest since June 2020. The drop is also consistent with previous recessions.
This means people are much less confident in their ability to find a new role than they were a couple years ago.
In conclusion, the US job market continues to weaken. We have to remember, though, that these are initial estimates and will be revised over the next couple of months.
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