navitor.com 18 Jobs by Industry Most industries, including construction, manufacturing, retail, transportation, finance, wholesale trade, information, professional services, education and health, and leisure and hospitality, are now above or close to their pre-pandemic level of employment. The recovery has been slowest in the leisure and hospitality industry, where early job losses were steepest. Labor Market Resilience The labor market’s resilience has been attributed to a reluctance by businesses to lay off workers following difficulties hiring in the past year as the COVID-19 pandemic forced some people out of the workforce. U.S. Jobs Openings Drop Sharply U.S. job openings fell by the most in nearly 2-1/2 years in August, suggesting that the labor market is starting to cool as the economy grapples with higher interest rates aimed at dampening demand and taming inflation. • Job openings fell 1.1 million to 10.053 million in August • Healthcare, retail trade lead decline in vacancies • Job search activity has cooled among employed adults since the beginning of March. • Quits, layoffs, hiring increase moderately LABOR MARKET October 2022 Reuters reports that U.S. job growth is strong as the labor market forges ahead. Employers hired more workers than expected in September, while the unemployment rate dropped to 3.5%, pointing to a tight labor market. Though the 0.2-point decline in the jobless rate from 3.7% in August was partly because of people leaving the workforce, the Labor Department’s employment report also showed fewer Americans working part-time for economic reasons last month. The labor market continues to show resilience despite the Fed’s stiff interest rate hikes.
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