Freezing of the US labor market / the pace of hiring slowed down
reportedMehr News Agency, American employers have shown the least appetite for hiring new workers in recent years. This trend is a side effect of the economic slowdown, although not so much that employers feel the need to lay off workers. According to the latest survey published on Tuesday morning, 5.3 million people were employed in June, which is 314 thousand less than in May.
The employment rate in the US, at 3.4% of total employment, is the lowest since March 2020 and half a point below the pre-pandemic levelcorona has been A hiring freeze by employers is for the benefit of workers who are already employed. The eviction rate has reached 0.9 percent, which is the lowest level on record since 2000.
The Federal Reserve kicked off a two-day meeting on Tuesday morning, where its leaders will discuss whether the deteriorating labor market warrants an interest rate cut. Employment statistics and numbers will be added to this evidence. Evidence that workers have less confidence in the labor market and other job opportunities has been building for months.
The resignation rate, a measure of the willingness of workers to voluntarily leave their jobs in the US labor market, remains at 2.1 percent, the lowest since August 2020 is counted so far. Workers looking for new jobs are not nearly as able to find the same opportunities as in recent years; But it seems that working people are safe now.
