Chicago Fed's Goolsbee: The labor market is 'stable without being good'

• The labor market is described as 'stable without being good,' with no evidence of it 'falling apart.'
• Unemployment, hiring, layoff, and vacancy rates have all been stable.
• The hiring rate is low enough to correspond to 'the depths of a recession,' but the layoff rate is also very low, similar to 'the peak of a boom.'

Chicago Fed President Austan Goolsbee characterizes the labor market as 'stable without being good.' He notes that while various rates like unemployment, hiring, layoff, and vacancy have been stable, the low hiring rate is concerning, resembling recessionary depths, though balanced by an equally low layoff rate typical of a boom.