"The labor market is going through a Great Freeze, where employers and employees are staying put with few large-scale layoffs but little hiring. This is especially affecting new job seekers, like recent college graduates, and if you're looking for work, it's starting to feel like the sluggish recovery of the early 2010s - even if unemployment rates are still far below their post-financial-crisis highs."
"Back in 2021, the job market was still recovering from pandemic losses. People who still had a job had leverage to switch. Hiring slipped from 4.6% in November 2021 to 3.2% this past August, the most recent month available due to the government shutdown's impact on the Bureau of Labor Statistics' activities. Besides June 2024, Bankrate said that hiring hasn't been at this rate since 2013, when the economy was still in its slow, grinding recovery from the Great Recession."
The labor market is in a 'Great Freeze' as employers and employees largely stay in place, producing few large-scale layoffs and minimal hiring. New job seekers, especially recent graduates, face particular difficulty finding positions. Hiring rates fell from 4.6% in November 2021 to 3.2% in August 2024, with hiring levels not seen since 2013 except for June 2024. Unemployment rose to 4.3% in August 2024 but remains far below post-2008 highs. Both labor supply and demand have declined, reducing switching leverage for workers and suggesting many job seekers will need patience or consider self-employment.
Read at Business Insider
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