First time since last fall as hiring slows
Lots of companies are still trying to hire, but many are pulling back and there’s been some reports of scattered layoffs, especially in the tech sector. The number of people applying for unemployment benefits has also risen slightly in the past few months. As long as the U.S. avoid mass layoffs, the economy is likely to keep growing or at least avert a steep recession. But there’s no guarantee with inflation running rampant and the Federal Reserve sharply raising interest rates. Job openings fell the most in retail (-343,000), wholesaling (-82,000) and state and local government (-62,000). Most other industries saw little change. The so-called quits rate was unchanged at 2.8%. It peaked at 3% at the end of 2021. More people quit when the economy is doing well or they think they can find a better a job. There’s almost two open jobs for every unemployed person, though companies never try to fill all of them. The number of job openings is largely viewed as a way to assess the strength of the labor market. The government’s job-openings report is released with a one-month lag. “If the economy is rolling over, the labor market had apparently not gotten the memo yet as of the end of June,” said chief economist Stephen Stanley of Amherst Pierpont Securities. “The outlook for economic growth may not be as rosy as it was a few months ago, but there’s no sign of imminent danger in the labor market,” said Nick Bunker, director of economic research at Indeed Hiring Lab. NN: Remember the masses have still not blown YET all their happy check money. Layoffs at Robin Hood trading tell me the stock market fantasy of the millennials has blown up in their faces,,,, But the wake up call is far from over….. They have never seen a recession, mass layoffs, a prolonged bear market and a recession leading to a depression…. You can se why they want to live in the altered reality metaverse…….