With the latest projections showing that the American job market is continuing to slow down, several CEOs have suggested that their companies will further reduce their rate of hiring.

According to Axios, the latest data comes from a survey by Business Roundtable of 145 top business leaders in the country. The index tracking CEO confidence dropped by 5 points during the third quarter of 2024, down to just 79. This marks the first time this year that the index has fallen below the historical average.

“This is the second consecutive quarter in which CEOs have reported they are moderating their hiring plans,” said Joshua Bolten, the CEO of Business Roundtable. Overall, Bolten added, the results of the study  “seem to be consistent with the Fed’s perspective on a softening economy.”

The survey further revealed that 37% of CEOs do not expect any change in employment within the next six months, while 34% have said that headcount will increase over the next six months.

The labor market has remained volatile under the questionable economic policies of the Biden-Harris Administration, with workers finding it increasingly difficult to get a job after entering the market. This has led to an increase in the unemployment rate. Although companies are also lowering their rate of layoffs, the similarly low rate of new hires means that the market will, at best, remain stagnant.

Furthermore, most CEOs expect that their sales will slow down in the coming months. The sales sub-index fell by 13 points to 110, suggesting that many executives believe that demand for their various goods and services will decline.

The news comes after the Federal Reserve announced on Wednesday that it would be enacting its first rate cut in four years, lowering rates by 0.5%.