America’s Labor Market Is Paralyzed by Policy and Economic Uncertainty

In markets, options to buy and sell securities get more valuable when volatility increases. The same is true of employers making hiring and firing decisions in times of surging input costs like energy prices, chaotic trade policies and transformative technologies. When you can’t predict next quarter’s bottom line, you’re better off retaining optionality, delaying staffing decisions that can involve steep up-front costs and are difficult to reverse. So if you want to know why America’s “no hire,