Economist Warns Job Openings Data Hides Weak Labor Market Signs

Reported about 1 month ago

Recent data from the Job Openings and Labor Turnover Survey (JOLTS) shows 8 million job openings in August, surpassing expectations. However, economist Daniel Zhao argues that this figure obscures underlying weaknesses, as the quit and hire rates have decreased, reflecting a weaker labor market reminiscent of the post-housing crisis era. Employees are feeling insecure due to layoffs and hiring freezes, with less than half maintaining a positive outlook for the next six months, indicating a tight job market and fewer career advancement opportunities.

Source: YAHOO

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