Hiring freezes instead of layoffs gain ground in the job market as recession fears grow

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Hiring freezes characterize job market as fears of recession mount

  • As the economic outlook darkens, most companies are holding off on layoffs.
  • But a growing number are choosing not to fill open positions when employees leave.
  • The trend is a less disruptive and costly way to shrink a company’s workforce. But it’s also expected to contribute to slower job growth in the months ahead, increasing the chance of a recession.

When Magaly Chocano, CEO of a marketing and web development company, lost more than half of her 18 employees to resignations and dismissals in the spring and summer, she began hunting for replacements.

But with sales flattening as the economy slows and talk of a recession growing louder, she reversed course and decided to bring on overseas contractors whose hours could easily be trimmed if revenue plunges next year.

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