Hiring expectations are falling in the Chicago area: The index of hiring expectations in the 7th Federal Reserve District dropped to -40 points in October, the lowest since 2020. That was when the US economy completely shut down and the unemployment rate spiked to 14.8%. The 7th District covers parts of Illinois, Iowa, Indiana, Michigan, and Wisconsin. Excluding 2020, this marks the lowest reading on record since the survey began in 2013. Hiring expectations have declined -41 points in just 2 months. Meanwhile, the index of current hiring remains near its lowest in 5 years and has been negative for 3 years. Hiring momentum is collapsing.(The Kobeissi Letter)