The latest data from the Philadelphia Federal Reserve shows that the USA's job-hopping rate has fallen to a near four-year low, indicating that the labor market is weakening. Individuals who can switch from one employer to another without any gaps are usually the most sought after in the economy, and the Philadelphia Federal Reserve believes that the job-hopping rate can be considered a key indicator of labor market vitality. Over the past two and a half years, the job-hopping rate has been declining and is currently hovering at its lowest point since 2021.