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U.S. Job Market Tightens: Pay Cuts and Layoffs Rise

3/21/2026

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Summary

Story summary

The U.S. job market has grown tougher as workers accept lower pay.
ZipRecruiter, the online employment marketplace, reports 27% of new hires took pay cuts and 30% negotiated.
In February, 1.9 million Americans had been unemployed for six months or longer.
Only 56% of new hires received higher pay than before, down from 70% in 2023.
Employers cut 92,000 jobs last month, signaling ongoing strain in the job market.

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Story summary

The U.S. job market has grown tougher as workers accept lower pay.
ZipRecruiter, the online employment marketplace, reports 27% of new hires took pay cuts and 30% negotiated.
In February, 1.9 million Americans had been unemployed for six months or longer.
Only 56% of new hires received higher pay than before, down from 70% in 2023.
Employers cut 92,000 jobs last month, signaling ongoing strain in the job market.