There have been plenty of times where we have had a "low fire, low hire" market. Take the aftermath of the great recession, it was a low fire, low hire environment from 2009-2014. A half of decade of that. However, the difference is that the unemployment rate was much higher due to the 2008 recession.
What makes this 2020s expansion strange is that unemployment rate collapsed after 2020 and peaked in 2023, but has remained low fire low hire with only slight increases in unemployment since. It begs the question how much the gig economy has replaced unemployment. We really need jobs to either come back or we need to have a mild recession. We can't stay in limbo with a low unemployment rate forever.