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macroJul 2, 2026, 1:47 PM

US Hiring Plans Slump 44% in June as Underlying Weakness Persists

US employers announced 10,933 new hiring plans in June, down 44% from May. Year-to-date, hiring rose 10% overall but only due to a 167% surge in tech; excluding tech, plans fell 1% YoY.

US employers announced just 10,933 new hiring plans in June, a 44% drop from May's 19,536, according to Challenger, Gray & Christmas data compiled by The Kobeissi Letter.

Year-to-date, hiring plans rose 10% YoY to 91,405, but the gain is entirely driven by the technology sector, which surged 167% YoY to 14,761 workers. Excluding technology, hiring plans fell 1% YoY to 76,644. The decline is concentrated in entertainment and leisure, down 57% YoY to 12,096 workers so far in 2026.

This continues a five-year streak of declining hiring intentions. Full-year hiring plans fell 84% since 2020 to 508,000 in 2025. Beneath the surface, the labor market remains historically depressed despite the headline YTD increase.

Source: The Kobeissi Letter