The Bureau of Labor Statistics’ January Job Openings and Labor Turnover Survey (JOLTS) reported the US labor market showed resilience, with open jobs reaching 7.7 million — signaling stability despite challenges. However, uncertainty remains a major factor affecting employment trends.
ZipRecruiter chief economist Julia Pollak joins Wealth host Brad Smith to discuss the impact of layoffs and hiring freezes on the job market.
"Hiring is very stable and steady in the United States at the moment, in that healthcare is the one place where hiring is much faster than before the pandemic," Pollak says.
She also points out that "policy uncertainty has been added to the mix," such as inflation and interest rate concerns, which have become key issues for the labor market.
Pollak adds, "The weekly hours number [of 34.1], though, is very concerning because it suggests that companies aren’t yet cutting jobs, but they’re cutting hours," which has led to an increase in part-time workers and multiple job holders — the latter now at the highest numbers since 2009.
To watch more expert insights and analysis on the latest market action, check out more Wealth here: https://finance.yahoo.com/videos/series/wealth/
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