This analysis reveals unusual low hires and quits in the labor market, suggesting long-term trends are at play.
Hires and quits have been unusually low during the strong labor market over the past year or so, when layoffs have also been low. This combination is historically unusual. However, it is likely a continuation of long-term trends rather than something unique to the current period.
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Bruce Fallick (2026) studied this question.
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