The number of available jobs in the US is shrinking
The US job market is slowing, with job openings at 8.18 million and hiring rates at a decade low. Workers prioritize job security, while layoffs remain low, indicating cautious employer behavior.
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The job market in the US is experiencing a significant slowdown, with job openings decreasing and hiring at its lowest rate in a decade, excluding the pandemic period. According to the Bureau of Labor Statistics, job openings fell to approximately 8.18 million in June, down from 8.23 million in May. The hiring rate also dropped to its lowest since April 2020, indicating a lack of healthy turnover in the job market. The quits rate, which reflects workers' willingness to leave their jobs, remained at 2.1%, the lowest since June 2020, with voluntary quits decreasing to 3.282 million. Despite these trends, layoffs have decreased to 1.498 million, the lowest since November 2022, suggesting that while employers are cautious, they are not aggressively cutting jobs. Economists note that the current labor market conditions reflect a cooling rather than a crisis, with many workers prioritizing job security over seeking new opportunities. The Federal Reserve's interest rate decisions are closely watched, as a potential rate cut could influence hiring and economic conditions. Overall, the labor market is showing signs of caution, with employers hesitant to hire amid uncertainty, while workers are holding onto their current positions.
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4 commentsIt’s difficult, and would be painful at first, but as a nation we owe it to each other. We can’t have the whole country turn into the rust belt. We can’t have people turning to drugs to cope with the pain of becoming economically redundant.
I’m surprised no candidate supports this. I think they would win easily.
The layoffs, inflation, housing and rent costs going up, AI taking a few jobs. Hypercapitalism is closer reaching a breaking point
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