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The monthly jobs report is actually two reports based on two surveys that use different sources for different information.
Outside of chronically short-staffed sectors, many firms are finding qualified workers easily. Openings are scarce in some white-collar fields.
Private-sector hiring slowed down in February and small businesses cut jobs. Plus, new unemployment claims were up last week.
New research finds that larger fires can depress local hiring for up to three years.
Among the biggest challenges small firms are facing is hiring.
The low hiring rate reveals weakness despite low unemployment, says Kathryn Anne Edwards. Per the JOLTS report, openings declined in December.
The data is in line with pre-COVID claims volume, and the job market often sags in January.
Companies reported on their quest to fill jobs in the Fed’s Beige Book. The arrival of AI may have changed hiring needs.
In December, respondent confidence in getting hired fell to the lowest level it’s been since 2021.
That’s 3% fewer than a year ago. If it keeps dropping, it could be a sign the labor market is getting warmer.
