economy
Data suggests 'hiring recession' may be behind us
Hiring activity increased in March, according to federal data issued Tuesday. However, the Iran war threatens to stall that progress in the job market.
TL;DR
- Federal data suggests the U.S. job market, previously in a 'low hire, low fire' mode, may be starting to recover.
- Hiring rates increased in March, with notable activity in transportation, warehousing, utilities, professional/business services, and accommodation/food services.
- The quits rate has marginally increased, signaling growing confidence among workers in finding new jobs.
- The Iran war poses a threat to labor market recovery due to potential impacts on consumer demand and business hiring intentions stemming from increased energy prices and uncertainty.
- The rate of long-term unemployment is gradually increasing, with about 25% of jobless workers unemployed for at least six months.
- Despite headwinds, the U.S. job market has shown remarkable stability, but the prolonged Iran war could negatively impact the economy.