The latest figures from the Ministry of Labor released on October 7 show, according to the Washington Postwhat “Employment growth continued to slow in September, another sign that the labor market is cooling after a notable spike earlier this year.”. The The Wall Street Journeynal Insert:
“Labor market participation remained stubbornly below pre-pandemic levels, posing a challenge to the economy.”
Freezing of hiring and layoffs in various sectors
Another sign of concern: according to a report cited by USA TodayUS employers announced nearly 30,000 job cuts in September, “An increase of 68% compared to the previous year and 46% compared to the previous month”. Business closures and market conditions are the two main reasons given. The automotive industry and the healthcare sector are the hardest hit. the New York Times reports layoffs and hires or freezes of projects in various companies such as Goldman Sachs, Robinhood, Netflix, Amazon and Meta.
“Everyone feels the repercussions”, says CEO of strategy firm BTS, Suzanne Bates. Fired in August, Meredith McCleary, 38, confides to the newspaper that she spends forty hours a week looking for work:
“When the shops reopened [après la pandémie]everything came back to life, things were getting better, we had a choice. [Maintenant] it’s a bit like economically everything is going the wrong way “.
“It was a different world a year ago”
Recruiters contacted by the New York newspaper point out that perks offered to job seekers such as contract signing bonuses and flexible working conditions are disappearing. “It was a different world a year ago”, summarizes Tom Gimbel, chief executive of the investment firm LaSalle Network. He advises job seekers to make sure their current job doesn’t really satisfy them before making the leap elsewhere: “Don’t just think about the money!”
Interviewed by Forbeschief economist at financial services firm Comerica, Bill Adams, urges caution:
“The pace of employment growth will be significantly slower on average in the coming quarters.”
