The US economy is going through a hiring recession: The number of hires as a % of total employment fell -0.3 percentage points in February, to 3.1%, in-line with the 2020 pandemic low. This is also the lowest level since January 2011, and just 0.3 percentage points above the 2008 Financial Crisis low of 2.8%. At the same time, the private hiring rate declined -0.4 percentage points to 3.3%, the lowest since February 2010. Back then, the US unemployment rate stood at 9.7%, more than double the current 4.4%. Furthermore, the quits rate decreased -0.1 percentage point in February, to 1.9%, the lowest since the 2020 pandemic. The US job market is in bad shape.