”The labor market is poised for a summer slowdown as businesses put hiring plans on hold but refrain from broad-based layoffs,” Gregory Daco, chief economist at EY-Parthenon wrote in a commentary this week. ”We see job growth slowing well below trend in the coming months.”<\/p>\n
Still, most American workers enjoy an unusual level of job security. The unemployment rate is low at 4.1%. The number of Americans applying for unemployment benefits \u2014 a proxy for layoffs \u2014 remains at healthy levels.<\/p>\n
But Adam Schickling, senior economist at Vanguard, cautions that ”a low unemployment rate and a muted pace of layoffs mask underlying weakness.”<\/p>\n
In a commentary Tuesday, Schickling wrote that the health of the job market ”can be a matter of individual perspective…If you’re a registered nurse, you may believe the job market’s health to be excellent. The unemployment rate for experienced health care practitioners is currently below 2%. If you’re young and just entering the labor force or you’re older and seeking to reenter it, prospects may seem bleak.”<\/p>\n
The rate of people quitting their jobs \u2014 a sign they’re confident they can land something better \u2014 has fallen from the record heights of 2021 and 2022 and is now below where it stood before the pandemic.<\/p>\n
For one thing, hiring has become concentrated in a handful of industries. So far this year, for example, private U.S. employers have added 644,000 jobs. Of those, nearly 405,000 \u2014 or 63% \u2014 were in just one of the Labor Department’s industry categories: healthcare and social assistance, which spans everything from hospitals to daycare centers.<\/p>\n","protected":false},"excerpt":{"rendered":"”The labor market is poised for a summer slowdown as businesses put hiring plans on hold but refrain…\n","protected":false},"author":3,"featured_media":27279,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[64,420,67,132,68],"class_list":{"0":"post-109647","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-jobs","8":"tag-business","9":"tag-jobs","10":"tag-united-states","11":"tag-unitedstates","12":"tag-us"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/114952293917766833","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/109647","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=109647"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/109647\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/27279"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=109647"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=109647"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=109647"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}