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The labor market is tight—but not in the usual way. We’re seeing low hiring and low firing at the same time. Firms are holding off on bringing in new employees, while existing workers aren’t leaving because better opportun

Macro Abdullah Al-Bahrani 4/21/26 Macro Abdullah Al-Bahrani 4/21/26

AI didn’t cause the hiring slowdown; it gave firms a better story to explain it.

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