The United States labor market is entering a hiring recession as the rate of new hires as a proportion of total employment decreased by 0.3 percentage points in February. This decline brings the national hiring rate to 3.1%, a level that aligns with the lows recorded during the 2020 pandemic.
Current data indicates that hiring activity has reached its lowest point since January 2011. This 3.1% figure currently sits just 0.3 percentage points above the historical floor for this economic indicator.