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U.S. hiring rate drops to 3.1 percent in February, Heather Long reveals

U.S. hiring rate drops to 3.1 percent in February, Heather Long reveals
U.S. hiring rate hits April 2020 low

The U.S. hiring rate declined to 3.1% in February, reaching its lowest point since April 2020.

Heather Long commented that this downturn signals a hiring recession, with Americans already experiencing its effects. Notable pullbacks occurred in hospitality and construction sectors during February. Long described the job market as essentially frozen ahead of recent developments.

The softer hiring numbers followed a steep decline in overall employment, as the U.S. economy lost 92,000 jobs in February and the unemployment rate rose to 4.4%, according to Heather Long's earlier report. In the same month, inflation remained steady at 2.4% with gas prices staying below $3, Long noted in a separate update. These indicators point to a period of subdued economic activity entering March.

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