A line chart spanning January 2007 through October 2025 compares two metrics: The Vanguard employment growth rate and the U.S. employment growth rate. Two vertical bands indicate recession periods, one from January 2008 to June 2009 and one from March to April 2020. The U.S. employment growth rate shows sharp declines during the recessions, notably dropping to around –0.6% in in March 2009 and plunging to –1.6% in May 2020, before rebounding steeply in both cases. Both lines indicate a slowdown in hiring and employment growth since about mid-2022.