Employers sharply increased the number of positions they were looking to fill and cut layoffs to the lowest level in over a year in September, while workers felt increasingly emboldened to quit their jobs for better work. U.S. job openings
The share of American workers who voluntarily quit their jobs has been higher than previously thought, indicating a higher level of confidence among workers that better jobs are available, and hiring increased in June. The quits rate, which measures the
The perceived chance of voluntarily leaving a job in the next 12 months jumped 2.6 percentage points to 20.8 percent, the highest reading since February 2023.
Despite widespread media speculation about negative economic impacts from the Trump administration’s tariff policies and federal workforce reductions, the labor market data indicate ongoing stability.
Employers are still looking for nearly ten million workers.
The Fed’s hikes have not done much to loosen labor market conditions.
Jerome Powell’s dream of taming inflation by bringing down job vacancies has turned into a nightmare of an overheating labor market.
Retail and construction openings crashed in June as the Fed raised interest rates at the fastest pace in decades.
While other parts of the economy seem to be teetering on the brink of recession, the labor market remains strong.
Don’t believe the hype about a Great Resignation. Something deeper is happening.
