Demand for workers is intense. As states reopened their economies in 2021, employers drew from a smaller pool of available workers. Wages increased, and job openings soared, remaining high in 2022. The number of workers quitting their jobs has also remained elevated.
Despite the number of job openings, the unemployment rate ticked up to 3.7% (by 306,000 people) in October. The new data comes amidst ongoing layoffs, as seen in the tech industry.
This “contradictory labor market” leaves business leaders, including HR teams, scratching their heads, potentially unsure how to move forward.
Rebecca Jones
