America’s quiet hiring recession is here

The latest jobs report confirms 2025 was the weakest year for US hiring since 2003.

Layoffs remain low, but unemployed workers are taking far longer to find new roles, even as consumer sentiment quietly ticks higher on easing inflation.

For the Fed, it looks like a “Goldilocks” backdrop for slow rate cuts - but whether this is a soft landing or the start of a long stagnation remains unresolved.