NORTH DAKOTA (KXNET) — It's a great time to have a job — wages are increasing and, for the most part, employers aren't laying people off. But it's not a great time to look for a job. As of right now, hiring rates are at the lowest they've ever been in over a decade. This matters because the job market is frozen in place. Companies don't want to shrink or grow their payroll because they're afraid of being caught flat-footed if the economy gets better or unexpectedly gets worse. As workers see this tough hiring environment, they are less likely to quit their jobs. People are now wondering if hiring will pick up the pace or if layoffs will. "Dissatisfied workers looking for a different job may need to hang tight with their current employer longer than they'd like," commented Elizabeth Renter, a senior economist at NerdWallet. "There are just fewer opportunities to go around, so those that are available garner stiff competition." Sanford Health offering variety of vaccines to patients In August, the hiring rate fell to 3.3%, which was the slowest since October 2013, and then the rate peaked in late 2021 at 4.6%. However, layoff rates are holding at a low 1% in August, lower than at any point prior to the pandemic. Employees are also quitting at the slowest pace since 2015. In recent years, it paid to switch jobs, as the demand for workers was high and the supply was low. But the job-switching premium is narrowing now that the market is loosening up and employers are less motivated to hire. In the end, the rapid job-to-job movement has been unsustainable since companies were constantly training new workers. The "stuck" market is now signaling fewer opportunities for people to advance and for businesses to grow. "What this shows is a trend of less dynamism in the labor market," concluded Nela Richardson, an ADP chief economist. Close Thanks for signing up! Watch for us in your inbox. Subscribe Now Today's Top Stories SIGN UP NOW