Key Points
- The January jobs report issued by the Bureau of Labor Statistics showed strong job growth that handily beat expectations.
- Other labor market data issued this week — the Employment Cost Index and the Job Openings and Labor Turnover Survey — also showed a hot job market defying recession fears.
- Overall, wage and job growth are strong, layoffs are low, and workers are showing confidence in job prospects.
- However, the Federal Reserve is raising interest rates and trying to cool the labor market.
American workers are in the throes of a historic job market, characterized by low unemployment and layoffs, relatively fast-rising wages and a high degree of job-seeker confidence.
Job trends in recent months reveal “a juggernaut” of a labor market, said Nick Bunker, head of economic research at the Indeed Hiring Lab. However, there are some signs of a modest slowdown as the Federal Reserve tries to rein in inflation by cooling the labor market.
Here are key takeaways from a batch of federal data issued this week, including a blockbuster January jobs report published Friday by the Bureau of Labor Statistics.
Approved ~ FS
RandyMarsh
Article URL : https://www.cnbc.com/2023/02/03/6-things-to-know-in-a-juggernaut-of-a-job-market.html