U.S. Hiring Rate Hits ‘Anemic Level’ as Job Openings Approach 4-Year Low

The U.S. hiring rate dropped to 3.2% in August, marking its lowest level since June 2024, according to Navy Federal chief economist Heather Long. "The job market is frozen. Americans feel stuck. And it appears to be getting worse," Long noted in a social media post. Job openings remained steady at 7.227 million, slightly above expectations but still hovering NEAR a four-year low, continuing a downward trend since March 2022.

Consumer confidence is weakening as labor market concerns grow. The Conference Board's September survey revealed only 26.9% of respondents viewed jobs as "plentiful," down from 30.9% in August. Mentions of employment-related worries surged to levels not seen since August 2024. The Consumer Confidence Index fell 3.6 points to 94.2, its sharpest monthly decline in a year.