Economics and markets

September labor market pulse: Hiring pace softens further

September 27, 2023

One line of the chart shows JOLTS hirings rate from April 2003 through July 2023. It begins the period at about 3.5% and varies after that with a notable dip during the global financial crisis and a spike in the COVID-19 recession. It finishes the period at 3.7% in July 2023.  Another line which shows Vanguard’s hires rate begins the period at about 2.2% and is consistently below the level of the JOLTS hirings rate but rises and falls roughly in unison with it. An exception is during the COVID-19 pandemic when the JOLTS hirings rate spikes but Vanguard’s hirings rate drops sharply. Vanguard’s hirings rate finishes the period at 2.2% in August 2023.
Four lines show the hirings rates for 4 sectors: media, entertainment, and leisure; professional, business, and nonprofit services; manufacturing; and Education and health from January 2013 through August 2023. All four sectors show a decline in their hirings rates beginning around the end of 2021 through to the end of the period.


David Pakula, CFA
Adam Schickling, CFA
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