According to labor experts, the status of the US employment market right now might provide relief to both job searchers and policymakers.
Information about what to know about job market right now (Photo: Forbes)
Of course, the experts are divided on how quickly and to what extent the market will continue to cool. That is why if people will ask “what to know about job market nowadays”, here are some things that people should be aware of.
According to CNBC, the first thing what to know about job market right now is that The Labor Department said on Friday that the job growth has slowed because the United States economy gained 187,000 positions in August. Job growth is definitely slowing: the three-month average in August was 150,000, compared to 201,000 in June, for example, according to Bunker.
Another thing about what to know about job market nowadays is that the unemployment rate has increased to 3.8% in August from 3.5% in July, according to the United States The Labor Department declared this on Friday. But, experts say that the unusual large increase does not appear to be due to negative factors such as job losses. In reality, the employment increased in August, according to analysts. But, the gain is due to an increase in the number of persons looking for job. As a result, more people are join the job field, giving the impression of increased unemployment.
The great resignation, a pandemic-era trend, has finally over is also one of the things about what to know about job market right now. Workers are leaving their jobs at a historically high rate in the year 2021 and 2022, drawn by several job opportunities and higher pay somewhere. Quits are an indicator of a worker’s willingness or ability to leave a job. Quits, as well as the figures of new hiring made by employers, have now returned to pre-pandemic levels.
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As per to the experts, job searchers must still be at their best while seeking for jobs.
According to MSN, job vacancies, a measure of company demand for labor, have maintained historically high but have been going downward is also one thing about what to know about the job market right now. As per to Labor Department data, there were approximately 8.8 million job opportunities in July, the decreased since March 2021.
Another thing about what to know about job market right now is the wage growth has decreased to a level not seen in decades. As per to the White House Council of Economic Advisers review of earnings data in Friday’s jobs report, the average three-month growth rate in August was 4.5% on an annualized basis. While still high, this is down from 4.9% last month and a top of 6.4% in January 2022, according to CEA.
Though the labor market still remains healthy, Pollak says that job seekers “need to be on their best game” because they no longer have “unprecedented” advantage when looking for work is another thing about what to know about job market right now. She claims that workers are facing increased competition for available positions. There are opportunities, but they will be more difficult to come by, she added.
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