Job Market Cools to Slowest Hiring Pace in 15 Years

Businesses are adding workers at the slowest pace in 15 years, new labor data shows, a trend that economists warn could signal deeper trouble ahead for the American workforce.

Hires as a percentage of total employment fell to 3.1% at the end of last month. That figure doesn't even account for the conflict in Iran, which broke out after the data was collected, and could slow things further.

Layoffs have stayed relatively stable, but voluntary quits have dropped to their lowest level since 2020, a sign that workers don't feel confident they'll find something better if they walk away from their current job.

Construction and professional services were the hardest hit sectors in February.