Jill Schlesinger

The August jobs report showed a further cooling of the labor market in 2025 and is consistent with what many businesses have been saying since the spring: It’s tough to operate and plan for future hiring under a cloud of tariff-related uncertainty, high interest rates, and mercurial consumers, who may retrench their spending.

As a result, many companies have put hiring plans on hold, though there is no evidence of widespread layoffs permeating throughout the broader economy.

Just talk to anyone who has lost a job recently and they will tell you that it’s taking more time to get a new one and as a result, the number of people who have been out of work for more than six months has risen.

Those dual trends tend to occur when the economy is softening, which usually has

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