Hiring just hit a level not seen since the economy was shut down during COVID, top economist says
Fortune • • business
Key Points:
- The Bureau of Labor Statistics reported a hiring rate of 3.1% in February, the lowest since April 2020, with 4.8 million hires and job openings dropping to 6.9 million, indicating a stagnant labor market.
- Labor economists describe the current market as "locked-out," with stalled hiring and delayed retirements limiting job turnover, exacerbated by bad weather impacting sectors like construction and hospitality.
- Experts attribute part of the hiring slowdown to one-off factors such as weather and strikes, but also highlight structural issues like reduced immigration and slowing population growth reducing labor market dynamism.
- The ongoing geopolitical tensions and rising energy prices could further strain the labor market, potentially pushing companies from minimal hiring to layoffs, raising concerns about stagflation and economic stability.
- The upcoming March jobs report will be closely watched for signs of demand weakening, with economists warning that continued labor market softness combined with external shocks could worsen economic conditions.
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