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%. The US labor market is stalling.