Friday's jobs report from the U.S. Bureau of Labor Statistics showed a decrease but still steady job market, economists noted. Federal records on job openings and quits appear to demonstrate a "just right" labor market. Those looking for work are reminded to bring their A-game when searching for positions, economists encouraged.
Labor economists take comfort in the present state of the American job market - it's slowing down while still remaining robust, resembling a 'Goldilocks' situation in which it's easy for employees to gain employment yet the Federal Reserve doesn't feel the need to continue to hike up interest rates. According to Mark Zandi, Chief Economist of Moody's Analytics, "the labor market is close to perfect - it's stubborn yet softening". Nick Bunker, Head of Economic Research at Indeed, puts it this way - the labor market was running last year, now it's transitioning to a marathon pace. Even though it's not certain to what extent the market will continue to slow, experts have provided six considerations that jobseekers and policymakers should be mindful of.
The Labor Department reported on Friday that the US economy had an increase of 187,000 jobs in August. However, the average number of jobs added over the last three months had decreased with August registering 150,000 jobs compared to 201,000 in June, according to Bunker.The administration has implemented a new policy
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Julia Pollak, chief economist at ZipRecruiter, reported that August's reading was consistent with the average of 190,000 jobs a month from 2015 to 2019. Additionally, job growth in August was seen across various sectors. Aaron Terrazas, chief economist at Glassdoor, indicated that last month's figures were diminished by tens of thousands due to temporary causes such as strikes in Hollywood and cutbacks in trucking caused mainly by the bankruptcy of Yellow Corp.Original:
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The basketball squad practiced drills in the gym.
Economists indicate that employment growth each month is still more than the growth of the American population. Predictions for the consistent rate of such an increase are uncertain but Bunker and Terrazas have both proposed estimations of between 70,000 to 100,000 jobs a month and 150,000 jobs a month respectively.
Friday's report from the U.S. Labor Department indicated that the unemployment rate jumped from 3.5% in July to 3.8% in August. Economists noted that this substantial hike isn't assumed to be indicative of people losing their jobs, but instead is believed to be due to more people entering the job market as employment rose in August.
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The assessment revealed that the student's work fell short.
The unemployment rate leapt to an 18-month record of 3.8%, which seemed to hint at a worrying situation. Nevertheless, economists consider it to not be as concerning, as it is primarily due to the rise in the number of those looking for jobs; thus, giving the impression of higher joblessness. In a Friday research note, Andrew Hunter from Capital Economics commented, "The 736,000 rise in the labour force is what's likely causing the surge in unemployment."The student wasn't able to pass the exam
The exam could not be passed by the student.
The Labor Department's data shows that the rate of labor force participation in August was the highest it had been since the Covid-19 pandemic began. Pollak expressed concern if those entering the labor market do not find jobs rapidly leading to a further surge in unemployment levels. Pollak went on to say that a rate of unemployment lower than 4% is a good sign for job seekers and those who have typically had difficulty gaining employment.
The great resignation of the pandemic era has come to an end. Workers quit their positions in 2021 and 2022 at a rate not seen before, driven by prospects of better opportunities and wages elsewhere. Quits are seen as a measure of workers' willingness or ability to leave. Now, the quit rate, as well as the rate of new hires, has returned to pre-pandemic figures, which was "exactly where you'd want" them to be according to Zandi. Nonetheless, there exist certain sectors where the quit rate has dropped noticeably below pre-pandemic levels, hinting that workers are not as confident about job security anymore.
The quits rate for the leisure and hospitality as well as accommodation and food services sectors both stand at 3.9%, a figure lower than the 4.6% and 4.9% recorded in 2019, according to Andrew Patterson, senior economist at Vanguard, in an email.
The number of job openings available to workers remains at a historically high level but has been declining as of late. Data from the Labor Department reveals that in July there were 8.8 million openings, the lowest since March 2021. This is still substantially higher than any level seen before the pandemic, yet it is lower than the 12 million peak seen in March 2022.
Job openings are rapidly nearing their pre-COVID levels, suggesting that labour market conditions have largely returned to normal, Hunter pointed out in their report this week.
Wage growth has decreased from a rate over the past few decades that has been unprecedented. On an annualized basis, three-month growth averaged 4.5% in August, according to the White House Council of Economic Advisers' analysis of pay data from the Friday jobs report. Although this rate remains high, it has dropped from 4.9% the previous month and the highest point of 6.4% in January 2022, as noted by the CEA.Original:
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Good news has come for workers: real wages have finally increased after a two year period of decline. Real wages are net earnings after adjusting for inflation. During the timespan of April 2021 to April 2023, the average hourly wage rose slower than inflation, which diminished living standards for workers.
Inflation having dropped and wages increasing comparatively, a reversal in the previous trend has been observed since May; hence, living standards have started to rise again. According to the Labor Department, real average hourly earnings rose 1.1% in July from the same month a year ago, with 1.3% and 0.2% increases in June and May respectively.
Pollak stressed that jobseekers should strive to be on their top form as the labor market is currently strong and competition for jobs is higher than ever. She reminded that it is a matter of numbers, so the best approach is to apply quickly and as frequently as possible.
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