A line chart spanning January 2007 through September 2025 compares two metrics: The Vanguard employment growth rate and the U.S. employment growth rate. Shaded gray vertical bands indicate recession periods around 2008–2009 and 2020–2021. The U.S. employment growth rate shows sharp declines during recessions, notably dropping to around –0.06% in 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 from about mid-2022.