The US job market is sending conflicting signals:
US hiring rate fell -0.3 percentage points in April, to 3.2%, the 2nd-lowest since the 2020 pandemic low and in-line with 2008 levels.
This metric has now been at or below 3.5% for 26 consecutive months.
Excluding the government sector, the private hiring rate declined -0.4 percentage points in April, to 3.5%, in-line with the 2020 low.
Both figures are also significantly below the 2001 recession levels.
Meanwhile, JOLTs and the May jobs report both crushed expectations.
Despite the bullish numbers, US hiring remains historically depressed.