Job openings declined by half one million, however 3 of 4 key indicators—hiring, quits, and layoffs—improved, suggesting that the labor market stays sturdy
Right this moment’s JOLTS report factors to a sturdy and resilient labor market with 40% extra job openings, 21% fewer month-to-month layoffs and discharges, and 15% extra employee-initiated quits (most for higher Jobs) than earlier than the pandemic.
Notably in industries corresponding to lodging and meals companies, and so-called different companies, employees have gained large leverage for the reason that pandemic and proceed to carry onto these good points.
With 53% fewer layoffs and discharges going down every month in a sector generally known as “different companies” (which encompasses companies corresponding to nail salons and laundry companies), and 37% fewer in lodging and meals companies, low-wage employees in America proceed to take pleasure in considerably better job safety than earlier than Covid.
An all-time report excessive variety of job openings in state and native governments means that there might be loads extra catch-up hiring within the coming months in sectors the place employment ranges stay under their pre-pandemic ranges.
The Information sector, nevertheless, stays a notable weak spot, with 6% extra layoffs and discharges, and 17% fewer quits, than earlier than the pandemic, indicating considerably decrease worker leverage in tech and the media.