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Key Points:
Seasonally adjusted Time to Hire fell by 23% between February 2020 and August 2022, but has climbed since. The drop and subsequent rise in Time to Hire suggest that labor market tightness and macroeconomic conditions are potential drivers behind changes in hiring timelines. Time to Hire appears to be negatively correlated with the US quits rate (when one goes up, the other goes down) and positively correlated with the US labor force participation rate (both move in the same direction).
The number of available jobs at a given time is impacted by overall macroeconomic conditions in