The U.S. labor market is experiencing a slowdown, with unemployment rates near the highest levels since late 2021 and fewer job openings in July. Businesses are cautiously holding off on hiring due to economic uncertainty ahead of the presidential election and potential interest rate changes by the Federal Reserve. Both factors and slower demand for goods and services are causing employers to pause hiring decisions. Experts suggest hiring momentum could return if interest rates decrease and economic clarity improves. The election outcome may influence business decisions, particularly in light of former President Donald Trump's proposed tariff and tax policies.
