Minneapolis CNN — The US labor market has kept trucking right along even as other areas of the economy have slowed.
But that once high-octane ride is showing some signs of wear and tear amid the Federal Reserve’s yearlong efforts to cool inflation by suppressing demand.
Job cuts are mounting, hiring activity is losing momentum, and uncertainty is simmering as to how the banking sector’s recent tumult could ripple through the economy.
“I think the image, for me, that most sums up where we are in the labor market is the image tweeted by Bloomberg’s chief economist, which shows that mentions of job cuts are now higher than mentions of labor shortages in earnings calls,” said Julia Pollak, chief economist at online employment site ZipRecruiter. “That’s a big reversal after 2021 and 2022 were very much the years of the labor shortage and everyone was talking about…
2023-04-06 08:16:02
Link from www.cnn.com
