How hot is America’s labour market?
FOR MUCH of 2025 America’s labour market was a source of anxiety for policymakers. Hiring slowed sharply, job openings tumbled and payroll growth slowed to a crawl. The economy added a meagre 10,000 jobs a month, prompting the Federal Reserve to cut interest rates three times. Christopher Waller, a Fed governor, captured the mood in a speech in January. Job growth last year, he said, amounted to “Zero. Zip. Nada”. It did not “remotely look like a healthy labour market”.
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