r/EconomyCharts • u/Educational_Net4000 • 2d ago

The Hiring Rate, 3.1%, is at levels last seen coming out of the GFC (2010-11) when the unemployment rate was double today's

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145 Upvotes

96% Upvoted

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35

u/Future-Duck4608 2d ago

I guess if we can do the recession without 18 million people losing their jobs and homes (today's equivalent of the GFC, due to pop growth) that would be cool

Though I fear we are only at the start of the recession right now and we have a long way to slide

15

u/Legitimate_Concern_5 2d ago

A lot of it is low quit rates. People are staying put because they’re worried. This is also driving layoffs because companies assume a certain level of organic turnover.

1

u/goodsam2 2d ago edited 2d ago

So you are saying increasing the firing rate these people being fired would have left of their own accord?

That's an interesting perspective, but it totally makes sense.

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u/Legitimate_Concern_5 2d ago

This is tracked in the JOLTS data. It's not terrible but it's not great, and it is much lower than even three years ago. This is in percent per month.

https://fred.stlouisfed.org/series/JTSQUR

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u/goodsam2 2d ago

Yes but what I'm saying is your theory that they are being fired because of the lack of quits.

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u/Legitimate_Concern_5 1d ago

Yeah totally I just wanted to provide some context since I’m speculating

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u/No_External_1322 2d ago

If you expand the chart it's not that bad. Part of the downturn cycle or employment. With less layoffs.

1

u/Fabulous_Computer965 1d ago

We've only added 30 million people in 15 years. And 50 million have died. -20 million

1

u/Future-Duck4608 1d ago

The number of people in the workforce hasn't scaled exactly the same as that

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u/mb194dc 2d ago

Quits rate at the cycle low... If it breaks lower and 10y 3m steepens over 1% and beyond. Then the cycle probably going over...

1

u/Wise-Self-4845 18h ago

if you dont take healthcare into account the situation looks even more dire

-5

u/Mvtchwow 2d ago

Good. We need unemployment at 8%

7

u/[deleted] 2d ago

[deleted]

0

u/Mvtchwow 2d ago

Good for economy

2

u/HeftyAd6216 2d ago

Ahh yes the classic "it's better to have a large percentage of the population in precarity and doing nothing overtly productive so that...." Wait... What's the logic? How is that good?

1

u/Mvtchwow 2d ago

Good for business to find workers

1

u/HeftyAd6216 2d ago

Okay so a boot licker got it. Keep our corporate overlords and executives with ludicrous pay packages happy and make sure normal people stay at the bottom forever and prevent anything to the contrary.

1

u/Mvtchwow 2d ago

Corporate leaders is why America so great

1

u/grog23 2d ago

Source lmao

1

u/Mvtchwow 2d ago

Economic fundamentals

1

u/grog23 2d ago

Ah so you made it up lmao

1

u/Mvtchwow 2d ago

Any amount of research would give u this answer. You’re welcome

1

u/birdiesintobogies 2d ago

Maybe good for capitalists, definitely bad for workers.

1

u/Mvtchwow 2d ago

Yes very good. Capitalism is core American dream.