According to a recent report by the Financial Times, the labor markets of many major economies are entering a state of stagnation. Uncertainties in trade, taxation, and artificial intelligence are causing employers to delay hiring and layoff decisions, while employees also tend to prefer to keep their current jobs unchanged.

This phenomenon raises two key questions: first, how stable is this situation? Second, if this indeed is an unstable equilibrium—as many experts suspect—will it ultimately evolve into a larger wave of hiring, or will it lead to more layoffs?

This cycle of 'low hiring, low layoffs' will have far-reaching effects on economic growth and policy-making. The rigidity of the labor market may stifle innovation and productivity improvements, while also leading to a decline in talent mobility, affecting overall economic vitality.

The challenge faced by policymakers is how to strike a balance between protecting job stability and promoting economic vitality. In the future, we need to closely monitor the development of this trend and its connection with economic growth and policy-making. This topic will continue to be a focal point for economists and policymakers.