Unemployment in September remained largely unchanged at 4.34%, while both layoff and hiring rates slowed, according to new indicators from the Chicago Federal Reserve.

The layoff rate held steady at 2.1%, while the hiring rate dipped to 45.2%, down 0.4 percentage points from August.

Outplacement firm Challenger, Gray & Christmas reported that layoff announcements fell 37% for the month but total planned cuts for 2025 are already the highest since 2020, totaling 946,426.

Hiring activity has plunged, with new hirings down 58% from a year ago and at the lowest level since 2009, CNBC has reported.

With the government shutdown delaying Labor Department data releases, economists and policymakers will need to rely on alternative sources to assess labor market conditions.