US job market hits lowest hiring levels since COVID lockdowns in February

The US employment data shows a sharp decline, with only 4.8 million new hires and a 3.1% hiring rate, the lowest since April 2020. This slowdown is linked to recent geopolitical tensions, notably the US-Iran conflict, impacting sectors like hospitality and construction. Moving forward, ongoing tensions and economic uncertainty could deepen hiring declines, raising recession fears.