Hiring just hit a level not seen since the economy was ‘closed down literally’ during COVID, top economist says

Americans aren’t getting laid off. And they’re not quitting. They’re simply just not getting hired, and the numbers haven’t been this bad since the pandemic closed the economy by force.

The Bureau of Labor Statistics reported Tuesday the hiring rate fell to 3.1% in February, with just 4.8 million hires, the lowest since April 2020. Job openings dropped to 6.9 million, down 358,000 from January. The quits rate held at a low 1.9%, while layoffs also stayed pinned at 1.1%, and retirements fell back near record lows.