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BREAKING: The number of private hires as a % of private employment fell to 3.6% in June, the third-lowest since the 2020 low.
This comes as the number of private hires declined by -246,000, to 4.9 million, marking the biggest monthly drop since June 2024.
The private hiring rate has now fallen by ~1.5 percentage points over the last 4 years.
It is currently below 2001 recession levels and aligns with readings from the 2008 Financial Crisis.
It also remains well below the pre-pandemic average of ~4.0%.
What’s next: Trump said he would double tariffs on India, to 50 percent, as punishment for the country’s continued purchase of Russian oil. He has also threatened to impose a 100 percent tariff on foreign semiconductors.
Despite voters’ dissatisfaction with it, the economy Trump inherited from Biden was actually pretty good: Unemployment was low, and inflation was under control.
In six months, Trump has done everything possible to destroy it.
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