The labor market appears to be in a low-firing, low-hiring equilibrium 11 The August Job Openings and Labor Turnover Survey (JOLTS) showed little movement in job openings, hires, or layoffs (7.2 million, 5.1 million, and 1.7 million, respectively), indicating that activity may have entered what Federal Reserve Chairman Jerome Powell described as a low-firing, low-hiring equilibrium
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