The dominant narrative about the labor market is that it is stuck in a “low hire, low fire stasis.“ Relatively few workers are being put on payrolls, and few are being knocked off.
The low hire portion of the analysis is typically interpreted as demonstrating a hesitancy on the part of employers, perhaps due to uncertainty about economic policy, interest rates, and geopolitics. It is often read as a sign that demand for labor has plateaued.
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