5/20/2023 0 Comments Happy game of thrones season 7 day![]() ![]() The Labor Department reported on Tuesday that job openings fell below 10 million at the end of February for first time in nearly two years, with notable drops in healthcare and professional services, which includes managerial and technical jobs. If follows other signals this week that the US labor market was starting to cool after running red-hot during the post-pandemic rebound. ![]() Following two overheated months, we're starting to see more and more signs of a cool-off.' 'Yet as we look ahead, the Goldilocks job market is facing some risk. 'We're still in a tight labor market, a market that favors workers,' said Dave Gilbertson, vice president at payroll management firm UKG, in remarks to. In March, average hourly earnings rose by 9 cents to $33.18, up 0.3 percent from February and a 4.2 percent increase from one year ago, the slowest annual increase since June 2021. The tight labor market has been one of the factors fueling historic inflation in recent years, as companies raised wages to attract scarce workers. So while a softening job market signals that the economy is slowing down in a warning sign of recession, it could also help ease pressure on inflation. The tight labor market has been one of the factors fueling historic inflation in recent years, as companies raised wages to attract scarce workers, costs that are ultimately passed on to consumers. The Fed is closely watching the job market as it considers whether to pause its interest rate hiking cycle, after a year of rapid increases to fight inflation. 'Labor force participation bounced higher in March, and wage growth continued to moderate, providing welcome signs for policymakers at the Federal Reserve,' added Wheeler. economy continued to add jobs at a brisk pace in March, with a still-strong labor market showing some signs of cooling in just the right places,' Jesse Wheeler, economic analyst at decision intelligence company Morning Consult, told. March's employment figure came in slightly below the 240,000 jobs economists had expected to see added for the month, but still represented a healthy gain. The unemployment rate remains barely above the lowest levels seen since the 1960s. Hiring was surprisingly robust in both January and February, confounding forecasters who had expected a big slowdown in 2023. The unemployment rate ticked back down in March to 3.5 percent, near six-decade lows, from 3.6 percent in February Markets were closed for the Good Friday holiday, but Dow futures rose modestly following the new jobs report. 'My economic agenda has powered an historic economic recovery.' 'This is a good jobs report for hard-working Americans,' said President Joe Biden in a statement. Labor force participation, a key measure of how many eligible workers are employed or seeking work, increased to 62.6 percent, a level not seen since the early days of the pandemic in March 2020. The unemployment rate ticked back down to 3.5 percent, near six-decade lows, from 3.6 percent in February, according to the Labor Department's employment situation report on Friday. That was slightly below what economists had projected, and a decline from the robust 311,000 new jobs created in February. Job creation in the US slowed again last month, a shift that could help ease inflation - but which marked another sign that the labor market is beginning to weaken.ĭespite a surge in recent layoffs, total employment rose by a brisk 236,000 jobs in March. ![]()
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