Hiring freeze strands American job seekers

The US labor market is moving at its slowest pace in years, making it harder for people to find steady work. While the unemployment rate remains relatively low at 4.4%, hiring has slowed sharply.

Job growth recently fell to its weakest level outside a recession since 2003. Companies are holding on to current workers but creating a few new roles.

This slowdown has left job seekers waiting longer. In December, the average unemployed worker spent 11.4 weeks searching for a job, the longest stretch since 2021. 

Long-term unemployment is also rising, with more than a quarter of jobless Americans out of work for six months or more. Many others have accepted part-time roles because full-time jobs are hard to find.

More than 5.3 million Americans now work part-time due to a lack of full-time options. To cope, many people take multiple gigs, cut spending, or dip into savings. 

Economists say the job market has stalled, helping those already employed but leaving job seekers stuck with fewer opportunities and growing financial pressure.