The hiring rate measures the number of hires during the entire month as a percentage of total employment, and it is currently at recessionary levels, see chart below.
Similarly, the quits rate measures the number of employees who voluntarily left their jobs during a month, expressed as a percentage of total employment, and the quits rate is also low.
Combined with a declining number of job openings, rising unemployment, and slower job growth, the bottom line is that the labor market is at a standstill, where workers are not getting hired or voluntarily changing jobs.
Sources: US Bureau of Labor Statistics (BLS), Macrobond, Apollo Chief Economist
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