Hiring has slowed from earlier in the year, so one would think that new hires—which we define as workers added to an employer payroll in the last three months—would be a shrinking share of the workforce. Instead, they’re on the upswing. What gives? In October, new hires accounted for 4.4 percent of all employees, ADP payroll data shows, up from 3.9 percent a year ago. This growing share of new hires would seem to run counter to the slowed pace of hiring. That contradiction tells us a lot about today’s jobs market. New hires typically fluctuates with the business cycle, but the aging U.S. workforce means that ... (full story)