Powell says America is in a "low-fire, low-hire" job market

Fortune

Federal Reserve Chair Jerome Powell warned that the United States is in a "low-fire, low-hire" job market, and said the problem is partly related to education.

Transcript

00:00We all see the data that it's just gotten tough for people just entering the labor force to be

00:05hired. But remember, the overall national aggregate hiring rate is at very, very low level.

00:13The layoff rate is also at a very, very low. You're in a low fire, low hire economy. And it

00:18feels like companies are just, they've kind of stopped hiring or slowed down their hiring because

00:24they want to see how this all shakes out. We're having very important changes to economic policy

00:28in the United States and companies and people are wondering, how's that going to work out?

00:33So I think that's part of it. Kids who come out of school today with technological skills and can

00:38work with this new technology, they're probably going to be fine. They're going to be great.

00:42If you don't have those skills, though, you're increasingly left with less attractive employment

00:46options. So in a way, it's an educational issue.

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